The coronavirus pandemic has had a devastating impact on middle-income countries. With the exception of the United States, the 10 countries with the highest number of Covid-19 cases to date are all middle-income countries. And the same is true for new daily cases and Covid-19 deaths per million population.

The economic projections for middle-income countries are equally dismal. Latin America’s experience is illustrative: the region accounts for just 8.4 per cent of the global population, but…