The unfolding COVID-19 pandemic has pushed the global economy closer to a 1930’s wartime- like environment. Governments across the world swiftly implemented monetary and fiscal policy measures to prevent countries from slipping into a deep recession, while dealing with this black swan event. The crisis has led to the fastening of political and economic churning for new world order. The rising trade wars over the past few years had been threatening globalization, and the pandemic further led many countries to start focusing on internal sufficiency.