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This report analyses the economic impact of the Covid-19 (coronavirus) global pandemic and possible responses that could be both effective and inclusive. It examines different recovery scenarios and, in particular, highlights the danger of a lost decade, addresses immediate difficulties facing developing countries, as well as some of the underlying conditions that, if left unaddressed, will prevent a better recovery. It also discusses some of the institutional changes needed at the international level to bolster recovery and transition to a more socially caring and environmentally sustainable global economy - a transition that the world needed before the pandemic but has become ever more pressing.