"Six months after Covid-19 first hit, it is clear that it is the greatest economic crisis of the modern age. The economy has contracted far more rapidly than in previous crises, with GDP dropping by a record 19.5 per cent in April, and despite four subsequent consecutive monthly increases since then, remaining 9.2 per cent below the February 2020 level in August. Early indicators suggest at best a slow recovery that is stalling as the country faces a new wave of cases and harsher and localised restrictions on economic activity.

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