The experiences of individuals and companies during the pandemic might lead to fundamental changes in how consumers and businesses operate upon recovery.

Most policy responses so far address the immediacy of the downturn and the financial distress. Future action may target how to enhance the rebuilding phase.

Economies affected by Covid-19 will go through ‘phase transitions’ where they will work to contain the downturn, assess the financial severity, and begin to rebuild.

The behavior of consumers and companies could change in a post-pandemic world, from increasing savings to diversifying supply lines.

Lower oil prices could reduce production costs for farmers. It could, however, weigh on biofuel producers who use corn and vegetable oils as feedstock.

The evolving narrative about markets may be more critical to appreciating volatility than tracking lagging economic data during times of stress.