On 12 August 2020, the world has recorded 20 million infected cases with 741k people dead

We have have just heard second quarter GDP figures. To put things in context,

( to explain the meaning of something is reading)
[In this context, 'to put things in context' = to explain the worst negative economic growth]

this is our worst quarterly performance on record. The forecast for 2020 essentially means the growth generated over the past two to three years will be negated. (make ineffective 否定的)

The numbers reflect the impact of Covid-19 as well as deeper forces reshaping the global economy and our position in the global value chains. I know that some are still hoping for a quick recovery and a return to the familiarity of the old normal.

The painful truth is this we are not returning to pre-Covid 19 world. Recovery will still be some time yet and the recovery is not likely to be smooth. We can expect recurring waves of infection and disruption. Furthermore, recovery will be uneven across sectors. Some sectors progressively recover while others will be permanently changed.

We have to start now to build a new economy and to create more and better job opportunities for our people. We cannot wait for Covid-19 to blow over.

Blow over = fade away without serious consequences.