In his novel Chronicle of a Death Foretold, Gabriel García Márquez describes a tragedy that everyone anticipates but no one will stop. The same is true of the perilous plight of emerging markets today: the international community could prevent imminent macroeconomic disaster, but seemingly lacks the will to do so. For emerging and developing countries, COVID-19 represents five shocks, not one. To the initial health shock, add a sharp drop in commodity prices, a massive contraction in export volumes (the World Trade Organization expects global trade to decline by as much as one-third in 2020), loss of remittances, and unp ... (full story)