Raghuram Rajan is absolutely right that some countries can lose a decade or more due to the pandemic /FT, 8 July 2020/.
However, it is only half of the story, because a good deal of countries, richer and poorer, can lose the 2020s or more by missing the right means to handle the impact of Covid-19. Nearly all of the southern countries belong to the club, and a lot of northern economies too /Italy, Spain, France, UK, just to name some/, vast southern parts of nearly all of the richer countries, poorer parts of both, rich and poor societies.
They all must pursue self-interest via smart and targeted means to recover, because in the absence of widespread success stories no one will help the really hopeless.
Governor Matolcsy, MNB, the Central Bank of Hungary