It will probably lead to inflation, however, a careful central bank should be able to keep it in check. In our modern economies having too little inflation is often a bigger problem than having too much. If there is too much inflation then there are lots of growth opportunities that are untapped. The problem that a lot of developing nations face is that they are unable to do the necessary investments on their own that let them grow over the long term so inflation just stays high forever.

The economy is only global until the next round of pandemic — don't you see?