Coronavirus is affecting all economies across the world. In the absence of a vaccine, the economy is the cure. The impact of locking down economies is immediate and severe. Wood Mackenzie is forecasting a 4% contraction in global GDP in 2020, the worst recession since the Great Depression. The outlook for recovery is highly uncertain and tied to assumptions on the lifting of lockdowns, as the pandemic is brought under control. Furthermore, the crisis is likely to have a lasting, ‘scarring’ impact on global economic output.