POORER countries depend on trade more than rich ones, especially on exports of tourism and commodities. They have fewer professional jobs that can be done from home, making social distancing costlier. Because their governments and companies often borrow in dollars, they suffer in times of economic stress, when their currencies usually fall against the greenback. That creates inflation, making it harder to cut interest rates to support their economies. And their governments have less capacity to borrow for emergency healthcare spending or to bail out workers and firms. The pandemic seemed certain to send them into financial turmoil.
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