The Banking Executive Magazine - February 2022

How Much Has the Pandemic Cost? As the COVID-19 pandemic entered its third year, the United States was enjoying a protracted stock-market boom, and China’s global trade sur- plus had reached record highs. There is reason to believe these trends will not last: notably, with the US Federal Reserve set to tighten monetary pol- icy in the face of rising inflation, the US stock market has tumbled. But even if market ebullience or strong exports in the world’s biggest economies were to persist, most peo- ple are experiencing hardship and angst. We must not lose sight of that, let alone of the imperative of sys- temic change. In responding to the pandemic, pol- icymakers have faced an awful the BANKING EXECUTIVE 32 ISSUE 158 FEBRUARY 2022 How Much Has the Pandemic Cost?