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COVID-19's staggering economic impact forces deep macro policy rethink

Biggest problem facing world economy is not inflation or deflation, but low growth

| Japan
Almost empty Shinsekai shopping street, a famous tourist destination in Osaka, pictured on March 29: the initial loss is not recoverable because the time is forgone.   © Getty Images

Masaaki Shirakawa is a former governor of the Bank of Japan.

The economic contraction caused by the coronavirus pandemic is staggering. While there are some signs of stabilization, there are new concerns that a recent surge in infections will undermine the nascent recovery.

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