The world economy has risen from the depths of the initial Covid-19 plunge. However, the recovery has been tepid, uneven and fragile and is likely to remain so for the foreseeable future.Start with the good news. World merchandise trade has rebounded, consistent with indications of a revival in household demand for goods in many economies, even as public health restrictions and consumer concerns continue to hobble demand for services.Moreover, financial markets have held up surprisingly well…