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It’s been almost two years since the !rst news of a novel virus in one Chinese city, yet Covid-19 continues to be the dominant force shaping the global outlook. The 2021 Bloomberg Economics report for the New Economy Forum speaks to the challenges the persistent pandemic poses for growth, in”ation, and development.

We forecast the direction of major economies, and dig into what the looming Fed taper means for emerging markets. As price
gains stay stubbornly high, we map out a more in”ationary world. With asset prices elevated, we gauge bubble risk from the U.S.
real estate market and Bitcoin.

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Beyond the immediate impact, we explore whether the Covid shock could actually drive long-term productivity gains. With new
economies’ weaknesses exposed by the pandemic, we wonder whether the BRICs have been replaced by the BEASTs. And we model how a lost year of growth has a#ected poverty reduction goals in Africa. Elsewhere, we draw on the rich universe of Bloomberg data to chart the evolution of the mega!rm, and use a big model of the global economy to explore what U.S.-China decoupling and carbon pricing could mean for the future of trade.

Taken together, we believe the research gathered in this volume represents the best of Bloomberg Economics. We hope it
can shed fresh perspective on important global debates, and on the conversation among leaders and opinion-makers at this year’s
New Economy Forum.

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