Four years on

Four years ago, the unthinkable happened. The World Health Organisation declared Covid-19 to be a global pandemic on 11 March 2020, and over the subsequent days, many countries imposed lockdowns, including South Africa. Equity markets went into freefall and the mad dash for cash ensued saw traditionally safe-haven US Treasury prices fall (though briefly). Remarkably, by 17 March, Moderna commenced the first human trials on its mRNA vaccine. By November of that year, positive results were announced, while Pfizer and BioNTech also announced successful trials of their jointly produced vaccine. An estimated seven million people have so far lost their lives due to Covid – an immense tragedy – but the vaccines eventually saved many millions more and enabled a gradual return to normal.

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