After the Covid-19 earthquake and a historical contraction, China is rebounding, whereas advanced economies face a depression-like plunge. The consequent tsunami is about to hit Southeast Asia.

AS the total number of confirmed cases may exceed 3 million and deaths will surpass 200,000 in a matter of days, the United States and Europe account for more than 80 percent of both. What was an epidemic in China at the turn of January and February grew into a pandemic in the first quarter, thanks to the belated mobilizations in Europe and the US.