The world economic crisis resulting from the pandemic has affected almost all countries in the world. The recovery is now expected in most regions, thanks to a catch up effect, expectations of a vaccine and very supportive fiscal policies.The crisis will nevertheless have lasting effects. It will bring or accelerate structural changes and will impact trade in several ways. Geopolitical tensions and a new US administration create further uncertainties. In this paper we briefly discuss some of these issues:

• Changes in supply chains
• Employment and consumption
• Public deficits and “Zombie” companies
• Geopolitical tensions
• Biden administration
• Oil and commodity prices
• Conclusions

About the Author:
Victoire de Groote
Global Head of Country Risk,
HSBC