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As recently as three months ago, the global economy seemed to be on track for a relatively robust recovery.

The supply of COVID-19 vaccines had expanded in the developed countries, raising hopes that it would spill over to developing countries in the second half of 2021 and into 2022. Many economies were posting impressive growth numbers as pandemic-suppressed sectors reopened. While clogged supply chains had produced a host of shortages and high prices for key inputs, these were seen as merely transitory problems.

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