The pandemic is providing an opportunity to review and reanalyse the disruption to the global economy which has been in systemic crisis mode ever since 2008. Cosmetic touch-ups will not work the way forward can only involve systemic reforms which bring about profound changes in many areas of life. However, major powers have different agendas (as growing tensions between the US and China seem to indicate), while Europe is being forced to choose between its Eastern and Western allies. The role of international institutions like the WTO and WHO is also being fundamentally questioned. The success of the global recovery will be determined by cooperation or the lack thereof between the major global players who will set the course of economic development for decades to come.