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Dec 28, 2023 ·

The article from the Financial Times discusses the dramatic changes that have taken place in the global economy since the onset of the Covid-19 pandemic. It highlights the shift in economic power as countries such as China, India and Russia find themselves challenging the traditional economic dominance of the US and Europe. The article also examines the opportunity that has arisen for developing nations to become economic powers in their own right thanks to increased digitalization, investment and access to new markets.

In terms of the impact on the US economy, the article states that the country has suffered serious losses due to the pandemic, with job losses in many sectors and a decline in GDP growth. This has been compounded by a lack of political direction and a rise in protectionism, which has hindered international trade. Despite this, the article suggests that the US economy is beginning to recover, driven largely by consumer spending and a resurgent technology sector.

China, meanwhile, has seen an acceleration in its economic growth during the pandemic, with the government taking a proactive approach to tackling the crisis. Digitalization has played a key role here, and the article argues that China’s tech giants are now well positioned to make major investments in other parts of the world. India too has benefited from the pandemic, with digitalization leading to the development of new industries and an increase in foreign investments.

Russia has experienced a resurgence of its own, with increased oil prices and improved relations with the West helping to stabilize the economy. At the same time, however, the article suggests that the country is likely to remain relatively reliant on energy exports.

Overall, the article suggests that the pandemic has had a major impact on the global economy, with countries such as China, India and Russia emerging as major players. It highlights the opportunities presented by digitalization and the ability to access new markets, while highlighting some of the challenges facing the US economy.