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An Unfolding Disaster
Sometimes this job can be distasteful. As the U.S. and the U.K. enjoy a steady relaxation of Covid-19 restrictions, India is in the grip of arguably the single most violent and overwhelming outbreak the world has seen.
All of us should be primarily concerned about the human cost. For good reportage on these appalling events, read lengthy reports in the New York Times, the Wall Street Journal, or watch this video from Bloomberg. The Guardian has a moving podcast, recorded shortly after one of its journalists in Delhi had died of Covid.
However, it is my job now to try to work out how much of a financial impact this wave will have on India and the rest of the world. This isn’t the most important aspect of the unfolding disaster, but it needs to be considered. First, a look at the death toll shows that India has been hit suddenly and very hard. This is how the number of deaths has moved since the pandemic took hold early last year:
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WOLFGANG RATTAY/Reuters
After what has been dubbed a lost decade, commodity prices are at last starting to see a revival as investors look to economic recovery.
Commodities have had a rough few years, hit by oversupply and crushed by economic fears as the COVID-19 pandemic broke out.
But now prices are being propelled higher amid hopes that a robust post-pandemic recovery during 2021 will release pent-up consumer and industrial demand for raw materials.