The bumpy road to recovery
Global debt levels were at record highs before Covid-19, but the economic fallout from the pandemic has significantly heightened the risk of a credit crunch in a world of low interest rates. Olivier Blanchard, former chief economist at the International Monetary Fund, and Prakash Kannan, chief economist and head of total portfolio management at GIC, discuss the shape of the recovery, changes in the nature of monetary policy and the European recovery fund.