The financial market instability has spilled over into the real economy, and the emerging market economies have not been spared. In fact, it is also probably true to say that many emerging markets are more vulnerable as they are less able to ameliorate the negative consequences of the current crisis.
The recovery in 2021 in developed countries has been as astonishingly fast as the recession in 2020 was deep. The rapid spread of vaccination has led to a gradual easing of those preventive measures that were based on a drastic limitation of physical contact. By now, the measures still in force are no major impediment to normal economic activity.