A bold targeted fiscal expansion, led by the advanced economies, is the only way to build a fair and resilient economic recovery from Covid-19, according to UNCTAD’s Trade and Development Report 2020. Public-debt-to-GDP ratios will increase substantially in 2020 and, if the past is any guide, they will not return to pre-Covid-19 values quickly. What matters, according to the report, is how that return happens. “A proper fiscal consolidation requires, ...