The essential parts of coronavirus economics have become clear over the past month. As the pandemic has spread, there appears to have been meagre economic gains from a liberal attitude towards personal interaction. Sweden has tried that, and rather than seeing its economy hold up far better at the cost of more deaths, it is in the same economic boat as the rest of Europe, according to scenarios its central bank put out this week.

Once the pandemic in a given country is controlled, however, the economic trade-offs are clearer and lockdowns can be eased progressively so long as the virus is kept at bay. Countries better at testing, tracing and isolating positive Covid-19 cases will be able to ease restrictions more quickly.

The UK

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