Answer

Coronavirus has put globalisation into reverse

………..The spread of the epidemic amounts to an experiment in deglobalisation. Barriers are being put up not to halt trade and migration flows but to stymie the spread of infection. The economic effects, however, are similar: snarled-up supply chains, lower business confidence and less international trade.

Policymakers can provide stimulus to support growth but can do little against the shock to economies’ capacity to produce goods and services. This leaves the global economy largely at the mercy of nature. How much worse the impact on global growth becomes will depend on how quickly the virus can be contained.