entered the crisis having failed to regain...

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New Member
Hi All,

I saw this sentence from the magazine Economists:

The Italian economy entered the covid-19 crisis having failed to regain the level of real output it achieved in 2008.

I'm not sure why it's grammatically correct. My interpretation is that:
1. "entered the covid-19" is the modifier for "the Italian economy".
2. "Having failed to regain" is the verb.

However, how can the writer use the present continuous tense "having" here without a be verb?

Thank you,
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