In the first half of 2020, the world economy contracted by an unprecendented 10 percent as the pandemic unfolded. Since then, output is recovering. But how does the pandemic affect economic activity in different parts of the globe? Are there substantial differences in the crisis response by governments and central banks? What speed of recovery can be expected in the years ahead? Will there be permanent economic scars, or will we go back to business-as-usual soon? KKG 101 discusses the economic outlook for the world economy after the Corona shock.