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The COVID-19 pandemic is the worst health crisis in a century. It has caused deep shocks and scars in economies and societies throughout the world. The pandemic continues to cause major difficulties for businesses and to challenge individuals around the world, creating disruptions to trade and labour shortages at a time of increased energy prices. At the same time, the recovery plans that many countries put in place to heal the scars of the pandemic could now be threatened by the war in Ukraine, the associated geopolitical instability and its consequences for the global economy.