RIO DE JANEIRO, BRAZIL - If the recession caused by the 2008 global financial crisis was practically limited to rich countries, while virtually all emerging economies were spared, this time the roles are reversed.
Covid-19 is digging its claws with special intensity in low- and middle-income countries, which had weaker health and social protection systems than the advanced economies, and where vaccines will arrive with more delay.
But beyond the pharmacological aspect, there is a factor that clearly explains why this dangerous divergence was opened by the pandemic: the States' fiscal capacity to rescue their citizens and companies and . . .
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