The first half of 2020 has been a life and death struggle for the global economy, as governments and central banks pulled out all the stops to prevent societies and economies collapsing under the weight of the Covid-19 pandemic. Unprecedented amounts of state resources have been commandeered through fiscal stimulus and “magic money” to stave off extreme downsides in the global economy. March saw the US Federal Reserve offer its largest ever stimulus package, comprising US$3 trillion ($4.15 trillion) in loans and asset purchases. 

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