Before Covid-19, the emerging market economies like China, India, South Korea and Taiwan were seeing an economic surge as tens of millions of people joined the middle class every year. Many economists expected these countries to enjoy another banner year in 2020 as more of their citizens turned into consumers.
The pandemic ripped up that script, and countries like India and Brazil continue to face enormous setbacks and devastating human losses.
As it did everywhere else, the pandemic exposed the huge gaps between have-nots and haves. It also accelerated trends already in motion, such as the desire to avoid stores and shop at home: Consider the yawning gap between those countries in best stead to fight the pandemic, graced with technology companies that allowed them to roar back to economic life.