The impact of COVID-19 on the global economic has been sharp. The chart on the left shows the drawdown on economic activity and the anticipated rebound as economies reopen. Growth rates in the coming quarters will be more modest than what we experienced in 2020 and not even across the globe. The chart on the right illustrates that even with the progress in the global recovery so far, many parts of world are still to catch up to their pre-pandemic growth trend.