The Covid-19 lockdowns have led to the largest rises in unemployment since the 1930s. The Financial Times asked leading economists and market analysts what to expect and what might be done to avert turmoil

A fumbling fragmentation looks more likely than another DepressionRobert Zoellick, former World Bank president and author of ‘America in the World’The deep economic dive has shocked people. The pace and extent of recovery depends on the discovery and availability of treatments and vaccines. I suspect we will see slow revivals, episodic setbacks and costly adjustments — but not a decade of economic disaster. Many small businesses and some storied brands will not survive, while skilful adaptors and disrupters, especially in the digital economy, will emerge stronger. I will be watching for signals of confidence from consumers, businesses, and societies.

The Depression caused more than economic pain. It metastasised to a loss of faith in democracies, the triumph of ideologies of hate, a turn to demagogues, a breakdown of international trade and finance and, ultimately, the second world war.