We analyse the impact of COVID-19 on the world economic system through the three components of globalization: economic, social and political globalization, respectively. The pandemic and the economic policy response have hit these aspects to different degrees.
• Economically, the quick recovery of world merchandise trade stands out.
• Socially, the reduction in tourism is the largest shock but here a sharp recovery is possible.
• Politically, the end of US membership of the WHO and the difficulty of global economic coordination in the G20 are key drivers for 2020. The election of a new US President allows for a quick reversal
