The global economy is climbing out from thedepths to which it had plummeted during the GreatLockdown in April. But with the COVID-19 pandemiccontinuing to spread, many countries haveslowed reopening and some are reinstating partiallockdowns to protect susceptible populations. Whilerecovery in China has been faster than expected, theglobal economy's long ascent back to pre-pandemiclevels of activity remains prone to setbacks.