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How to avoid a W-shaped recession

A simple rule of thumb: to avoid a W-shaped recession, let 'W' stand for premature 'withdrawal' of public-health or economic stimulus measures.

A doctor from a free clinic on his way to visit homeless people to talk about Covid-19 in San Francisco recently. A devastating scenario is a prolonged W-shaped recovery, caused by political leaders' failure to heed the lessons of history.

GEORGE Santayana famously quipped in 1905: "Those who cannot remember the past are condemned to repeat it." It is a phrase that has been repeated for over a century, but rarely heeded. As Covid-19 decimates the global economy, our understanding of history could be the difference between a V- or...

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