Every G20 Summit host is warned that all the careful planning can be overturned in an instant by a global crisis. Saudi Arabia’s planned agenda is now being pushed aside to make room for an emergency G20 leaders’ meeting in coming days to deal with the coronavirus pandemic.

There is a perfect storm brewing in the global economy. Most recessions are caused by a demand shock (think 9/11), a supply shock (think oil price increases) or a financial shock (think GFC and Lehman Brothers). COVID-19 promises to deliver all of the above in a single wallop.