The COVID-19 pandemic has had a widespread adverse impact on the world economy.Measures adopted by governments around the world to contain the spread of the novel coronavirus,such as lockdowns,social distancing orders,travel restrictions and border closures,caused tremendous disruptions to economic activities.This led to drastic economic declines.In the Organisation of Economic Co-operation and Development(OECD)area,for example,real gross domestic product(GDP)fell by an unprecedented 9.8％in the second quarter of this year(OECD,2020).Among the emerging economies,GDP fell by 9.7％in Brazil,25.2％in India,3.2％in Russia,and 16.4％in South Africa during the same period.1 China,which started to impose lockdown measures in January,experienced a 6.8％decrease in GDP in the first quarter.2 While the economies of many countries have rebounded since then,the path to recovery will likely be a long and gradual one(IMF,2020).