Mohamed El-Erian, chief economic adviser to Allianz and former Pimco chief executive, says the Covid-19 crisis will lead to a period of de-globalisation, forcing companies to prioritise resilience over their ability to remain nimble.

El-Erian, also a former deputy director of the International Monetary Fund, warned economies would have to untangle a “spaghetti bowl” of unprecedented intervention from governments into the private sector, which have been made in recent weeks.