Jump to content

COVID-19 recession

From Wikipedia, the free encyclopedia

COVID-19 recession
Map showing real GDP growth rates in 2020, recorded by the International Monetary Fund as of 26 January 2021; countries in brown are those that have faced a recession.
Date20 February 2020
TypeGlobal recession

The COVID-19 recession, also known as the Great Lockdown, was a global economic recession caused by the COVID-19 pandemic. The recession began in most countries in February 2020. After a year of global economic slowdown that saw stagnation of economic growth and consumer activity, the COVID-19 lockdowns and other precautions taken in early 2020 drove the global economy into crisis.[1][2][3][4] Within seven months, every advanced economy had fallen to recession.[5][6]

The first major sign of recession was the 2020 stock market crash, which saw major indices drop 20 to 30% in late February and March. Recovery began in early April 2020; by April 2022, the GDP for most major economies had either returned to or exceeded pre-pandemic levels[7] and many market indices recovered or even set new records by late 2020.[8][9][10]

The recession saw unusually high and rapid increases in unemployment in many countries. By October 2020, more than 10 million unemployment cases had been filed in the United States,[11] swamping state-funded unemployment insurance computer systems and processes.[12][13] The United Nations (UN) predicted in April 2020 that global unemployment would wipe out 6.7% of working hours globally in the second quarter of 2020—equivalent to 195 million full-time workers.[14] In some countries, unemployment was expected to be around 10%, with more severely affected nations from the pandemic having higher unemployment rates.[15][16][17] Developing countries were also affected by a drop in remittances[18] and exacerbating COVID-19 pandemic-related famines.[19]

The recession and the accompanying 2020 Russia–Saudi Arabia oil price war led to a drop in oil prices; the collapse of tourism, the hospitality industry, and the energy industry; and a downturn in consumer activity in comparison to the previous decade.[20][21][22] The 2021–2023 global energy crisis was driven by a global surge in demand as the world exited the early recession caused by the pandemic, particularly due to strong energy demand in Asia.[23][24][25] This was then further exacerbated by the reaction to escalations of the Russo-Ukrainian War, culminating in the Russian invasion of Ukraine and the 2022 Russian debt default.[26]



Corporate debt bubble


Since the financial crisis of 2007–2008, there has been a large increase in corporate debt, rising from 84% of gross world product in 2009 to 92% in 2019, or about $72 trillion.[27][28] In the world's eight largest economies—China, United States, Japan, United Kingdom, France, Spain, Italy, and Germany—total corporate debt was about $51 trillion in 2019, compared to $34 trillion in 2009.[29] If the economic climate worsens, companies with high levels of debt run the risk of being unable to make their interest payments to lenders or refinance their debt, forcing them into restructuring.[30] The Institute of International Finance forecast in 2019 that, in an economic downturn half as severe as the 2008 crisis, $19 trillion in debt would be owed by non-financial firms without the earnings to cover the interest payments on the debt they issued.[29] The McKinsey Global Institute warned in 2018 that the greatest risks would be to emerging markets such as China, India, and Brazil, where 25–30% of bonds have been issued by high-risk companies.[31]

2019 global economic slowdown


During 2019, the IMF reported that the world economy was going through a "synchronized slowdown", which entered into its slowest pace since the Global Financial Crisis.[32] 'Cracks' were showing in the consumer market as global markets began to suffer through a 'sharp deterioration' of manufacturing activity.[33] Global growth was believed to have peaked in 2017, when the world's total industrial output began to start a sustained decline in early 2018.[34] The IMF blamed 'heightened trade and geopolitical tensions' as the main reason for the slowdown, citing Brexit and the China–United States trade war as primary reasons for slowdown in 2019, while other economists blamed liquidity issues.[32][35]

In April 2019, the U.S. yield curve inverted, which sparked fears of a 2020 recession across the world. The inverted yield curve and China–U.S. trade war fears prompted a sell-off in global stock markets during March 2019, which prompted more fears that a recession was imminent.[36] Rising debt levels in the European Union and the United States had always been a concern for economists. However, in 2019, that concern was heightened during the economic slowdown, and economists began warning of a 'debt bomb' occurring during the next financial crisis. Debt in 2019 was 50% higher than that during the financial crisis of 2007–2008.[37] Economists[who?] have argued that this increased debt is what led to debt defaults in economies and businesses across the world during the recession.[38][39] The first signs of trouble leading up to the collapse occurred in September 2019, when the US Federal Reserve began intervening in the role of investor to provide funds in the repo markets; the overnight repo rate spiked above an unprecedented 6% during that time, which would play a crucial factor in triggering the events that led up to the crash.[40][failed verification]

Trump tariffs against China


From 2018 to early 2020, U.S. President Donald Trump set tariffs and other trade barriers on China with the goal of forcing it to make changes to what the U.S. described as "unfair trade practices".[41] Among those trade practices and their effects had been the growing trade deficit, the theft of intellectual property, and the forced transfer of American technology to China.[42]

Trump's tariffs caused significant damage to the economy of countries around the world.[43] In the United States, it brought struggles for farmers and manufacturers and higher prices for consumers, which resulted in the U.S. manufacturing industry entering into a "mild recession" during 2019.[44] In other countries it also caused economic damage, including violent protests in Chile and Ecuador due to transport and energy price surges, though some countries had benefited from increased manufacturing to fill the gaps. It also led to stock market instability. Governments around the world took steps to address some of the damage caused by the tariffs.[45][46][47][48] During the recession, the downturn of consumerism and manufacturing from the trade war is believed to have worsened the economic crisis.[49][50]



In Europe, economies were hampered due to uncertainty surrounding the United Kingdom's withdrawal from the European Union, better known as Brexit. British and EU growth stagnated during 2019 leading up to Brexit, mainly due to uncertainty in the UK caused by political figures and movements aiming to oppose, reverse or otherwise impede the 2016 Brexit Referendum, resulting in delays and extensions.[51][failed verification] Many businesses left the United Kingdom to move into the EU, which resulted in trade loss and economic downturn for both EU members and the UK.[52][53][54][51]

Aggravating circumstances


Evergrande liquidity crisis in 2021


In August 2021, it was reported that China's second-largest property developer, Evergrande Group, was entrenched in $300 billion (~$333 billion in 2023) of debt.[55] As the company missed several payment deadlines in September 2021,[56] it seemed likely the company would fail without government intervention, as stocks within the company having already plummeted by 85%. Since China is the second largest economy in the world and property makes up a large amount of their GDP, it threatens to destabilise the COVID-19 recession even further, especially considering China is currently deep within a housing bubble eclipsing the United States housing bubble that led to the previous global recession.

2021–2023 global energy crisis and sanctions on Russia


The 2021–2022 global energy shortage is the most recent in a series of cyclical energy shortages experienced over the last fifty years. The Russian military buildup outside Ukraine and subsequent invasion have also threatened the energy supply from Russia to Europe, while increasing the cost of oil causing European countries to diversify their source of energy import. The economic fallout from the 2021–2023 global energy crisis and the 2022 Russian invasion of Ukraine has had an impact on oil prices worldwide,[57] most notably the unprecedented measures taken on the SWIFT System and Tit-for-Tat Responses to comprehensive sanctions from other countries.[58] Preceding an official announcement regarding import bans on 8 March 2022, there were reports of proposed bans regarding Russian oil and gas imports by the US and the EU.[59]

This was in addition to the already existing actions taken by American companies on multiple Russian entities with ties to the Russian government, with Russia's trading status also being called into question on security grounds. Prior to the ban having been implemented, the value of the Russian ruble had dropped by record levels as the price of oil hit a 14-year high.[60] The talks about whether or not to implement an International Energy Embargo were already reported to have been impacting the Russian oil market due to pre-existing fears by investors[61] by 10 March, there were reports stating that Russia's debt rating was downgraded by Fitch from "B" to "C", indicating a potential default was imminent. This ultimately came to pass after 27 June with the 2022 Russian debt default.[62][63]



The COVID-19 pandemic is the most disruptive pandemic since the Spanish flu in 1918.[64] When the pandemic first arose in late 2019 and more consequently in 2020, the world was going through economic stagnation and significant consumer downturn. Most economists believed a recession, though one which would not be particularly severe, was coming. As a result of the rapid spread of the pandemic, economies across the world initiated population lockdowns to curb the spread of the pandemic. This resulted in the collapse of various industries and consumerism all at once, which put major pressure on banks and employment.[65][66][67] This caused a stock market crash and, thereafter, the recession. With new social distancing measures taken in response to the pandemic, lockdowns occurred across much of the world economy.[9]

COVID-19 pandemic


The COVID-19 pandemic was a pandemic of Coronavirus disease 2019 (COVID-19) caused by severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2); the outbreak was identified in Wuhan, China, in December 2019, declared to be a Public Health Emergency of International Concern from 30 January 2020 to 5 May 2023, and recognized as a pandemic by the World Health Organization on 11 March 2020.[68][69] The pandemic has led to severe global economic disruption,[70] the postponement or cancellation of sporting, religious, political and cultural events,[71] and widespread shortages of supplies exacerbated by panic buying.[72][73] Schools, universities and colleges have closed either on a nationwide or local basis in 63 countries, affecting approximately 47 percent of the world's student population. Many governments have restricted or advised against all non-essential travel to and from countries and areas affected by the outbreak.[74] However, the virus is already spreading within communities in large parts of the world, with many not knowing where or how they were infected.[75]

Scanning electron microscope image of SARS-CoV-2 (centre, yellow)

The COVID-19 pandemic has had far-reaching consequences beyond the spread of the disease and efforts to quarantine it. As the pandemic has spread around the globe, concerns have shifted from supply-side manufacturing issues to decreased business in the services sector.[76] The pandemic is considered unanimously as a major factor in causing the recession. The pandemic has affected nearly every major industry negatively, was one of the main causes of the stock market crash and has resulted in major restrictions of social liberties and movement.[77][78][79][80][81]

The COVID-19 crisis affected worldwide economic activity, resulting in a 7% drop in global commercial commerce in 2020. While GVCs have persisted, several demand and supply mismatches caused by the pandemic have resurfaced throughout the recovery period and have been spread internationally through trade.[82][83][84]

During the first wave of the COVID-19 pandemic, businesses lost 25% of their revenue and 11% of their workforce, with contact-intensive sectors and SMEs being particularly heavily impacted. However, considerable policy assistance helped to avert large-scale bankruptcies, with just 4% of enterprises declaring for insolvency or permanently shutting at the time of the COVID wave.[82]

Aid to people and businesses in the form of employment retention schemes, subsidies, tax relief, and loan guarantee programs totalled roughly 9% of GDP, with substantial cross-country variance, which might reflect policy space and development levels. In the face of considerable liquidity challenges, debt moratoriums and revisions to bankruptcy rules also safeguarded businesses and people during the COVID-19 pandemic.[82][85]

In response to the pandemic's high infection rates and death toll, countries in the Western Balkans, the Eastern Neighbourhood, and Central and Eastern Europe faced severe recessions.[82][86]



While stay-at-home orders clearly affect many types of business, especially those that provide in-person services (including retail stores, restaurants and hotels, entertainment venues and museums, medical offices, and beauty salons and spas), government orders are not the sole pressure on those businesses. In the United States, people began to change their economic behavior 10–20 days before their local governments declared stay-at-home orders,[87] and by May, changes in individuals' rates of movement (according to smartphone data) did not always correlate with local laws.[88][89][non-primary source needed][90] According to a 2021 study, only 7% of the decline in economic activity was due to government-imposed restrictions on activity; the vast majority of the decline was due to individuals voluntarily disengaging from commerce.[91]

Russia–Saudi Arabia oil price war


The reduction in the demand for travel and the lack of factory activity due to the COVID-19 pandemic significantly impacted demand for oil, causing its price to fall.[92] The Russian–Saudi Arabia oil price war further worsened the recession, due to it crashing the price of oil. In mid-February, the International Energy Agency forecasted that oil demand growth in 2020 would be the smallest since 2011.[93] A slump in Chinese demand resulted in a meeting of the Organization of the Petroleum Exporting Countries (OPEC) to discuss a potential cut in production to balance the loss in demand.[94] The cartel initially made a tentative agreement to cut oil production by 1.5 million barrels per day following a meeting in Vienna on 5 March 2020, which would bring the production levels to the lowest it has been since the Iraq War.[95]

After OPEC and Russia failed to agree on oil production cuts on 6 March and Saudi Arabia and Russia both announced increases in oil production on 7 March, oil prices fell by 25 percent.[96][97] On 8 March, Saudi Arabia unexpectedly announced that it would increase production of crude oil and sell it at a discount (of $6–8 a barrel) to customers in Asia, the US, and Europe, following the breakdown of negotiations, as Russia resisted calls to cut production. The biggest discounts targeted Russian oil customers in northwestern Europe.[98]

Prior to the announcement, the price of oil had gone down by more than 30% since the start of the year, and upon Saudi Arabia's announcement, it dropped a further 30 percent, though later recovered somewhat.[99][100] Brent Crude, an oil market used to price two-thirds of the world's crude oil supplies, experienced the largest drop since the 1991 Gulf War on the night of 8 March. Concurrently, the price of West Texas Intermediate, another market used as a benchmark for global oil prices, fell to its lowest level since February 2016.[101] Energy expert Bob McNally noted, "This is the first time since 1930 and '31 that a massive negative demand shock has coincided with a supply shock;"[102] in that case it was the Smoot–Hawley Tariff Act precipitating a collapse in international trade during the Great Depression, coinciding with discovery of the East Texas Oil Field during the Texas oil boom. Fears surrounding the Russian–Saudi Arabian oil price war caused a plunge in U.S. stocks, and have had a particular impact on American producers of shale oil.[103]

In early April 2020, Saudi Arabia and Russia both agreed to cut their oil production.[104][105] Reuters reported that "If Saudi Arabia failed to rein in output, US senators called on the White House to impose sanctions on Riyadh, pull out US troops from the kingdom and impose import tariffs on Saudi oil."[106] The price of oil briefly went negative on 20 April 2020.[107]

Financial crisis

Movement of the DJIA between January 2017 and December 2020.
The Federal Reserve balance sheet expanded greatly through quantitative easing on multiple occurrences between 2008 and mid-2020. During September 2019, there was a spike in the overnight repo interest rate, which caused the Federal Reserve to recommence quantitative easing; the balance sheet expanded parabolically after the pandemic declaration.

The 2020 stock market crash began on 20 February 2020, although the economic aspects of the COVID-19 recession began to materialize in late 2019.[108][109][110] Due to the COVID-19 pandemic, global markets, banks and businesses were all facing crises not seen since the Great Depression in 1929.[citation needed]

From 24 to 28 February, stock markets declined the most in a week since the financial crisis of 2007–2008,[111][112][113] thus entering a correction.[114][115][116] Global markets into early March became extremely volatile, with large swings occurring.[117][118] On 9 March, most global markets reported severe contractions, mainly in response to the COVID-19 pandemic and an oil price war between Russia and the OPEC countries led by Saudi Arabia.[119][120] This became colloquially known as Black Monday I, and at the time was the worst drop since the Great Recession in 2008.[121][122]

Three days after Black Monday I there was another drop, Black Thursday, where stocks across Europe and North America fell more than 9%. Wall Street experienced its largest single-day percentage drop since Black Monday in 1987, and the FTSE MIB of the Borsa Italiana fell nearly 17%, becoming the worst-hit market during Black Thursday.[123][124][125] Despite a temporary rally on 13 March (with markets posting their best day since 2008), all three Wall Street indexes fell more than 12% when markets re-opened on 16 March.[126][127] During this time, one benchmark stock market index in all G7 countries and 14 of the G20 countries had been declared to be in Bear markets.[citation needed]

Black Monday I (9 March)




Prior to opening, the Dow Jones Industrial Average futures market experienced a 1,300-point drop based on the pandemic and fall in the oil price described above, triggering a trading curb, or circuit breaker, that caused the futures market to suspend trading for 15 minutes.[128] This predicted 1,300-point drop on 9 March would be among the most points the Dow Jones Industrial Average has dropped in a single day.[129][130] When the market opened on 9 March, the Dow Jones Industrial Average plummeted 1800 points on opening, 500 points lower than the prediction.[131]

The United States' Dow Jones Industrial Average lost more than 2000 points,[132] described by The News International as "the biggest ever fall in intraday trading".[133] The Dow Jones Industrial Average hit a number of trading "circuit breakers" to curb panicked selling.[128] Oil firms Chevron and ExxonMobil fell about 15%.[134] The Nasdaq Composite, also in the United States, lost over 620 points.[clarification needed] The S&P 500 fell by 7.6%.[135] Oil prices fell 22%,[136] and the yields on 10-year and 30-year U.S. Treasury securities fell below 0.40% and 1.02% respectively.[137] Canada's S&P/TSX Composite Index finished the day off by more than 10%.[138] Brazil's IBOVESPA gave up 12%, erasing over 15 months of gains for the index.[139] Australia's ASX 200 lost 7.3%—its biggest daily drop since 2008,[140][141] though it rebounded later in the day. London's FTSE 100 lost 7.7%, suffering its worst drop since the 2008 financial crisis.[142][143] BP and Shell Oil experienced intraday price drops of nearly 20%[144] The FTSE MIB, CAC 40, and DAX tanked as well, with Italy affected the most as the COVID-19 pandemic in the country continues. They fell 11.2%, 8.4%, and 7.9% respectively.[145][146][147] The STOXX Europe 600 fell to more than 20% below its peak earlier in the year.[148] In a number of Asian markets—Japan, Singapore, the Philippines and Indonesia—shares declined over 20% from their most recent peaks, entering bear market territory.[149] In Japan, the Nikkei 225 plummeted 5.1%.[150] In Singapore, the Straits Times Index fell 6.03%.[151] In China, the CSI 300 Index lost 3%.[152] In Hong Kong, the Hang Seng index sank 4.2%.[153] In Pakistan, the PSX saw the largest ever intra-day plunge in the country's history, losing 2,302 points or 6.0%. The market closed with the KSE 100 Index down 3.1%.[154] In India, the BSE SENSEX closed 1,942 points lower at 35,635 while the NSE Nifty 50 was down by 538 points to 10,451.[155]

The Washington Post posited that pandemic-related turmoil could spark a collapse of the corporate debt bubble, sparking and worsening a recession.[156] The Central Bank of Russia announced that it would suspend foreign exchange market purchases in domestic markets for 30 days,[157] while the Central Bank of Brazil auctioned an additional $3.465 billion the foreign exchange market in two separate transactions and the Bank of Mexico increased its foreign exchange auctions program from $20 billion to $30 billion.[158][159] After announcing a $120 billion fiscal stimulus programs on 2 December,[160] Japanese Prime Minister Shinzo Abe announced additional government spending,[161] while Indonesian Finance Minister Sri Mulyani announced additional stimulus as well.[162]

Black Thursday (12 March)


Black Thursday[163] was a global stock market crash on 12 March 2020, as part of the greater 2020 stock market crash. US stock markets suffered from the greatest single-day percentage fall since the 1987 stock market crash.[164] Following Black Monday three days earlier, Black Thursday was attributed to the COVID-19 pandemic and a lack of investor confidence in US President Donald Trump after he declared a 30-day travel ban against the Schengen Area.[165] Additionally, the European Central Bank, under the lead of Christine Lagarde, decided to not cut interest rates despite market expectations,[166] leading to a drop in S&P 500 futures of more than 200 points in less than an hour.[167]

Bank Indonesia announced open market purchases of Rp4 trillion (or $276.53 million) in government bonds,[168] while Bank Indonesia Governor Perry Warjiyo stated that Bank Indonesia's open market purchases of government bonds had climbed to Rp130 trillion on the year and Rp110 trillion since the end of January.[169] Despite declining to cut its deposit rate, the European Central Bank increased its asset purchases by €120 billion (or $135 billion),[170] while the Federal Reserve announced $1.5 trillion in open market purchases.[171] Australian Prime Minister Scott Morrison announced a A$17.6 billion fiscal stimulus package.[172] The Reserve Bank of India announced that it would conduct a six-month $2 billion currency swap for U.S. dollars,[173] while the Reserve Bank of Australia announced A$8.8 billion in repurchases of government bonds.[174] The Central Bank of Brazil auctioned $1.78 billion Foreign exchange spots.[175]

Asia-Pacific stock markets closed down (with the Nikkei 225 of the Tokyo Stock Exchange, the Hang Seng Index of the Hong Kong Stock Exchange, and the IDX Composite of the Indonesia Stock Exchange falling to more than 20% below their 52-week highs),[176][177][178] European stock markets closed down 11% (with the FTSE 100 Index on the London Stock Exchange, the DAX on the Frankfurt Stock Exchange, the CAC 40 on the Euronext Paris, and the FTSE MIB on the Borsa Italiana all closing more than 20% below their most recent peaks),[179][180] while the Dow Jones Industrial Average closed down an additional 10% (eclipsing the one-day record set on 9 March), the NASDAQ Composite was down 9.4%, and the S&P 500 was down 9.5% (with the NASDAQ and S&P 500 also falling to more than 20% below their peaks), and the declines activated the trading curb at the New York Stock Exchange for the second time that week.[181][182] Oil prices dropped by 8%,[183] while the yields on 10-year and 30-year U.S. Treasury securities increased to 0.86% and 1.45% (and their yield curve finished normal).[184]



The US's Dow Jones Industrial Average and S&P 500 Index suffered from the greatest single-day percentage fall since the 1987 stock market crash, as did the UK's FTSE 100, which fell 10.87%.[185] The Canadian S&P/TSX Composite Index dropped 12%, its largest one-day drop since 1940.[186] The FTSE MIB Italian index closed with a 16.92% loss, the worst in its history.[187] Germany's DAX fell 12.24% and France's CAC 12.28%.[188] In Brazil, the IBOVESPA plummeted 14.78%, after trading in the B3 was halted twice within the intraday; it also moved below the 70,000 mark before closing above it.[189][190] The NIFTY 50 on the National Stock Exchange of India fell 7.89% to more than 20% below its most recent peak, while the BSE SENSEX on the Bombay Stock Exchange fell 2,919 (or 8.18%) to 32,778.[191] The benchmark stock market index on the Johannesburg Stock Exchange fell by 9.3%.[192] The MERVAL on the Buenos Aires Stock Exchange fell 9.5% to 19.5% on the week.[193] 12 March was the second time, following 9 March, that the 7%-drop circuit breaker was triggered since being implemented in 2013.[165]

In Colombia, the peso set an all-time low against the U.S. dollar, when it traded above 4000 pesos for the first time on record.[194][195] The Mexican peso also set an all-time record low against the U.S. dollar, trading at 22.99 pesos.[196]

Black Monday II (16 March)


Over the preceding weekend, the Saudi Arabian Monetary Authority announced a $13 billion credit-line package to small- and medium-sized companies,[197] while South African President Cyril Ramaphosa announced a fiscal stimulus package.[198] The Federal Reserve announced that it would cut the federal funds rate target to 0%–0.25%, lower reserve requirements to zero, and begin a $700 billion quantitative easing program.[199][200][201]

Dow futures tumbled more than 1,000 points and Standard & Poor's 500 futures dropped 5%, triggering a circuit breaker.[202] On Monday 16 March, Asia-Pacific and European stock markets closed down (with the S&P/ASX 200 setting a one-day record fall of 9.7%, collapsing 30% from the peak that was reached on 20 February).[203][204][205] The Dow Jones Industrial Average, the NASDAQ Composite, and the S&P 500 all fell by 12–13%, with the Dow eclipsing the one-day drop record set on 12 March and the trading curb being activated at the beginning of trading for the third time (after 9 and 12 March).[206] Oil prices fell by 10%,[207] while the yields on 10-year and 30-year U.S. Treasury securities fell to 0.76% and 1.38% respectively (while their yield curve remained normal for the third straight trading session).[208]

The Cboe Volatility Index closed at 82.69 on 16 March, the highest ever closing for the index (though there were higher intraday peaks in 2008).[209][210] Around noon on 16 March, the Federal Reserve Bank of New York announced that it would conduct a $500 billion repurchase through the afternoon of that day.[211] Indonesian Finance Minister Sri Mulyani announced an additional Rp22 trillion in tax-related fiscal stimulus.[212] The Central Bank of the Republic of Turkey lowered its reserve requirement from 8% to 6%.[213] The Bank of Japan announced that it would not cut its bank rate lower from minus 0.1% but that it would conduct more open market purchases of Exchange-traded funds.[214] After cutting its bank rate by 25 basis points on 7 February,[215] the Central Bank of Russia announced that it would keep its bank rate at 6%,[216] while the Bank of Korea announced that it would cut its overnight rate by 50 basis points to 0.75%.[217] The Central Bank of Chile cut its benchmark rate,[218] while the Reserve Bank of New Zealand cut its official cash rate by 75 basis points to 0.25%.[219] The Czech National Bank announced that it would cut its bank rate by 50 basis points to 1.75%.[220]

Impact by region or country




In April 2020, Sub-Saharan Africa appeared poised to enter its first recession in 25 years, but this time for a longer duration.[221] The World Bank predicted that overall sub-Saharan Africa's economy would shrink by 2.1%–⁠5.1% during 2020. [222] African countries cumulatively owe $152 billion to China from loans taken 2000–2018; as of May 2020, China was considering granting deadline extensions for repayment, and in June 2020, Chinese leader Xi Jinping said that some interest-free loans to certain countries would be forgiven.[223][224]



Botswana has been affected by sharp falls in the diamond trade, tourism and other sectors.[225]



The Economy of Egypt suffered from the COVID-19 recession. Tourism, which employs one in ten Egyptians and contributes about 5% of the GDP, has largely stopped, while remittances from migrant workers abroad (9% of GDP) are also expected to fall.[226] The cheap fuel prices and slower demand have also led some shipping companies to avoid the Suez Canal, and instead opt for traveling by the Cape of Good Hope, leading to reduced transit fees for the government.[226] However, despite this, Egypt were one of the few African countries to have a positive growth rate during the recession.



Ethiopia is heavily dependent for export income on its national carrier, Ethiopian Airlines, which has announced suspensions on 80 flight routes.[225] Exports of flowers and other agricultural products have dropped sharply.[225]



Namibia's central bank sees the nation's economy shrinking by 6.9%[227] This will be the biggest shrink of GDP since its independence in 1990. The tourism and hospitality industries has accounted for N$26 billion being lost as 125 000 jobs have been affected.[228] The central bank also announced that the diamond-mining sector will decline by 14.9% in 2020, while uranium mining may shrink 22%.[227]



Zambia faced a severe debt crisis.[229] Almost half the national budget goes towards interest payments, with questions about whether the country will be able to make all future payments.[229]





Argentina entered its 9th sovereign default in history due to the recession.[230] The government has proposed taking over one of the largest agroexporting companies Vicentín S.A.I.C after it incurred in a debt of more than $1.35 billion.[231]



The fall in travel is expected to drive Belize into a deep recession in 2020.[225]



The Brazilian government forecast that its economy will experience its biggest crash since 1900, with a gross domestic product contraction of 4.7%.[232] At the first trimester of 2020 the gross domestic product was 1.5% smaller than the GDP of the first trimester of 2019, and it decreased to the same level of 2012.[233] On 9 April 2020, at least 600,000 businesses went bankrupt, and 9 million people were fired.[234]

Even with the pandemic, the state of São Paulo was the only Brazilian state to see a GDP growth in 2020, of about 0.4%.[235]



Total unemployment increased by 3 million and total hours worked fell by 30% between February and April 2020. Canadian manufacturing sales in March fell to the lowest level since mid-2016, as sales by auto manufacturers and parts suppliers plunged more than 30%.[236]

In response, the government of Canada introduced several benefits, including the Canada Emergency Response Benefit, the Canada Emergency Student Benefit, and the Canada Emergency Wage Subsidy.[237]

By June 2020, the national unemployment rate in Canada was 12.5%, down from 13.7% in May.[238]



Mexico's outlook was already poor before the COVID-19 pandemic, with a mild recession in 2019.[239] The economic development plans of president Andrés Manuel López Obrador were predicated on revenue from the state oil company Pemex, but the oil price collapse has now raised doubts on those plans.[239] Beyond oil, the country's economy also relies on tourism, trade with the United States, as well as remittances, which all are also being affected.[240] All of this leading to what could be Mexico's worst recession in a century, and the worst in Latin America after Venezuela.[240] Beside this prediction, Mexico's economy shrinking in 2020 was less than that of Venezuela, Peru, Panama, Argentina and equal to that of Ecuador.[241]

United States

US non-farm payrolls, 2005 – January 2022

The National Bureau of Economic Research, considered the arbiter of recession declarations, found the United States recession began in February 2020 and ended two months roughly later, in April 2020, making it the shortest recession on records dating to 1854.[242][243]

Before the pandemic, there were signs of recession. The US yield curve inverted in mid-2019, usually indicative of a forthcoming recession.[244][245]

Starting in March 2020, job loss was rapid. About 16 million jobs were lost in the United States in the three weeks ending on 4 April.[246] Unemployment claims reached a record high, with 3.3 million claims made in the week ending on 21 March. (The previous record had been 700,000 from 1982.)[247][248] The week ending 28 March, however, unemployment claims set another record at 6.7 million and by 13 May, new claims had topped 35 million.[249] On 8 May, the Bureau of Labor Statistics reported a U-3 unemployment (official unemployment) figure of 14.7%, the highest level recorded since 1941, with U-6 unemployment (total unemployed plus marginally attached and part-time underemployed workers) reaching 22.8%.[250]

For individual states, the Bureau of Labor Statistics reported the highest U-3 unemployment occurred in April 2020 in Nevada (30.1%), Michigan (24.0%) and Hawaii (23.8%),[251] levels not seen since the Great Depression. This was followed by Rhode Island in April (18.1%), Massachusetts in June (17.7%), and Ohio in April (17.6%).[251] By December 2020, unemployment rates for the highest three states were recovering: Nevada (9.2%), Michigan (7.5%), and Hawaii (9.3%), with seven other states having recovered to below 4.0%.[251] However, a high percentage of those gains may have been part-time work, job gains in May 2020 were reported to be 40% part-time.[252]

Restaurant patronage fell sharply across the country,[253] and major airlines reduced their operations on a large scale.[254] The Big Three car manufacturers all halted production.[255] In April, construction of new homes dropped by 30%, reaching the lowest level in five years.[256]

Approximately 5.4 million Americans lost their health insurance from February to May 2020 after losing their jobs.[257][258]

The St. Louis Fed Financial Stress Index increased sharply from below zero to 5.8 during March 2020.[259][260] The United States Department of Commerce reported that consumer spending fell by 7.5 percent during the month of March 2020. It was the largest monthly drop since record keeping began in 1959. As a result, the country's gross domestic product reduced at a rate of 4.8 percent during the first quarter of 2020.[261]

The largest economic stimulus legislation in American history, a $2 trillion (~$2.32 trillion in 2023) package called the CARES Act, was signed into law on 27 March 2020.[262]

The Congressional Budget Office reported in May 2020 that:

  • The unemployment rate increased from 3.5% in February to 14.7% in April, representing a decline of more than 25 million people employed, plus another 8 million persons that exited the labor force.
  • Job declines were focused on industries that rely on "in-person interactions" such as retail, education, health services, leisure and hospitality. For example, 8 of the 17 million leisure and hospitality jobs were lost in March and April.
  • The economic impact was expected to hit smaller and newer businesses harder, as they typically have less financial cushion.
  • Real (inflation-adjusted) consumer spending fell 17% from February to April, as social distancing reached its peak. In April, car and light truck sales were 49% below the late 2019 monthly average. Mortgage applications fell 30% in April 2020 versus April 2019.
  • Real GDP was forecast to fall at a nearly 38% annual rate in the second quarter, or 11.2% versus the prior quarter, with a return to positive quarter-to-quarter growth of 5.0% in Q3 and 2.5% in Q4 2020. However, real GDP was not expected to regain its Q4 2019 level until 2022 or later.
  • The unemployment rate was forecast to average 11.5% in 2020 and 9.3% in 2021.[263]

The COVID recession increased wealth and racial inequality.[264] According to a study, the pandemic drove 8 million Americans into poverty between May and September 2020.[265] On 30 July 2020, it was reported that the U.S. 2nd quarter gross domestic product fell at an annualized rate of 33%.[266]

Latin America


The recession caused by COVID-19 is expected to be the worst in the history of Latin America.[267] Latin American countries are expected to fall into a "lost decade", with Latin America's GDP returning to 2010 levels, falling by 9.1%. The amount by which the GDP is expected to fall per country is listed below.[268]

Country GDP contraction
Venezuela −26%
Peru −13%
Brazil −10.5%
Argentina −9.2%
Ecuador −9%
Mexico −9%
El Salvador −8.6%
Nicaragua −8.3%
Cuba −8%
Chile −7.9%
Panama −6.5%
Honduras −6.1%
Colombia −5.6%
Costa Rica −5.5%
Dominican Republic −5.3%
Bolivia −5.2%
Uruguay −5%
Guatemala −4.1%
Paraguay −2.3%

Other sources may expect different figures.[269][270][271][272] In Panama, COVID-19 is expected to subtract US$5.8 billion from Panama's GDP.[273] Aiding Chile's downfall is reduced demand for copper from the US and China, and an increase in price volatility, as consequences of the COVID-19 pandemic.[274][268]





Australia before the recession was suffering from an unusually severe and expensive bushfire season which damaged the economy and domestic trade routes.[275] Not only that, but Australia had experienced significant slowdown in their economic growth, with economists in late 2019 saying that Australia was 'teetering on the edge of a recession'.[276] As a result of this and the effects of the recession, analysts in Australia expected a deep recession with at least 10.0% of the able working population becoming unemployed according to the Australian treasury and at least a 6.7% GDP retraction according to the IMF.[277][278] In April 2020, a water consultant predicted a shortage of rice and other staples during the pandemic unless farmers' water allocations were changed.[279]

The unemployment level of 5.1% was projected to rise to a 25-year high of 10.0%, according to Treasury data released in April 2020.[280][281] The JobSeeker Payment unemployment benefit had an A$550 per fortnight Coronavirus Supplement added to it from April to September, when it reduced to A$250, then to A$150 after 31 December. The Supplement ceased on 31 March 2021.[282][283]

As of April 2020, up to a million people have been laid off due to effects of the recession.[284] Over 280,000 individuals applied for unemployment support at the peak day.[285]

On 23 July 2020, Treasurer Josh Frydenberg delivered a quarterly budget update stating the government had implemented a $289 billion (~$335 billion in 2023) economic support package. As a result, the 2020–21 budget will record a $184 billion (~$213 billion in 2023) deficit, the largest since WWII. Australia will maintain their triple A credit rating. Net debt will increase to $677.1 billion (~$751 billion in 2023) at 20 June 2021. Further, real GDP was forecast to have fallen sharply by 7% in the June quarter with unemployment anticipated to peak at 9.25% in the December quarter. However, due to the further reinstatement of restrictions on Victoria, notably stage 4 restrictions, national unemployment was expected to reach 11%.[citation needed]

In August 2020, national unemployment peaked at 7.5%,[286] falling to 5.6% by April 2021.[287] In December 2020, it was announced Australia had pulled out of recession after experiencing a 3.3% growth in GDP in the September quarter. Treasurer Frydenberg however stated the effects of the recession has had lasting impacts and the recovery is far from over. Australia is set to avoid an economic depression as once forecast earlier in the year, though GDP is still likely to have experienced a contraction from 2019 figures.[288]



Bangladesh is one of the few countries who had a generally positive gdp growth during the pandemic.[289] The Bangladeshi economy is heavily dependent on the garment industry and remittances from migrant workers.[290] The garment industry has been heavily affected, having already been contracting in 2019.[290] Remittances in turn expected to fall 22 percent.[290]



As a result of the recession, China's economy contracted for the first time in almost 50 years.[291] The national GDP for the first quarter of 2020 dropped 6.8% year-on-year, 10.0% quarter on quarter, and the GDP for Hubei Province dropped 39.2% in the same period.[292]

In May 2020, Chinese Premier Li Keqiang announced that, for the first time in history, the central government would not set an economic growth target for 2020, with the economy having contracted by 6.8% compared to 2019 and China facing an "unpredictable" time. However, the government also stated an intention to create 9 million new urban jobs until the end of 2020.[293]

In October 2020, it was announced that China's third-quarter GDP has grown with 4.9%, hereby missing analysts expectations (which was set at 5.2%). However, it does show that China's economy has indeed been steadily recovering from the coronavirus shock that caused decades-low growth.[294] To fuel economic growth, the country set aside hundreds of billions of dollars for major infrastructure projects and used population tracking policies and enforced the stringent lockdown to contain the virus.[295] It is the only major economy that is expected to grow in 2020, according to the International Monetary Fund.[296]

By December 2020, China's economic recovery was accelerating amid increasing demand for manufactured goods.[297] The UK-based Centre for Economics and Business Research projected that China's "skilful management of the pandemic" would cause the Chinese economy to surpass the United States and become the world's largest economy by nominal GDP in 2028, five years sooner than previously expected.[298][299] China's economy expanded by 2.3% in 2020.[300]

In the first quarter of 2020, China's economy shrank by 6.8% due to the nationwide lockdown at the peak of the COVID-19 outbreak. With the help of strict virus containment measures and emergency corporate relief, the economy has steadily recovered since the pandemic. China's economy grew by a record 18.3 percent in the first quarter of 2021 compared with the same period last year.[301]

The urban unemployment rate reached a 21-month all-time high of 6.1% in April 2022 amid the impact of the epidemic.[302]



Korea's gross domestic product (GDP) growth rate in the second quarter of 2020 fell 3.3 percent from the previous quarter. This is the second consecutive quarter of negative growth following the first quarter (−1.3 percent). It was the lowest performance in 22 years and three months since the first quarter of 1998 (−6.8 percent) after the 1997 Asian financial crisis. Experts cited exports, which account for 40 percent of the Korean economy, as the worst performance report in 57 years since 1963, as the main factor for negative growth.[303]

The employment market situation is also a big blow. According to the National Statistical Office, the number of employed people decreased by more than 350,000 in June from a year earlier due to the shock of the job market caused by the spread of COVID-19. The unemployment rate soared to the highest since 1999 when the statistics began to be compiled. In particular, the number of economically active young people decreased a lot, and the number of unemployed reached 1.66 million, up 120,000 from a year earlier.[303]



On 18 March, the Reserve Bank of Fiji reduced its overnight policy rate (OPR)[a] and predicted the domestic economy to fall into a recession after decades of economic growth.[304] Later on 25 June, the national bank predicted the Fijian economy to contract severely this year due to falling consumption and investment associated with ongoing job-losses.[305] Annual inflation remained in negative territory in May (−1.7%) and is forecast to edge up to 1.0 percent by year-end.[306]

  1. ^ The OPR is the key interest rate used by the Reserve Bank of Fiji (RBF) to officially indicate and communicate its monetary policy stance. A reduction in the OPR signifies an easing of monetary policy.



The IMF predicted the growth rate of India in the financial year of 2020–21 as 1.9%,[307] but in the following financial year, they predict it to be 7.4%.[308] IMF also predicted that India and China are the only two major economies that will maintain positive growth rates.[309] However the prediction later turned out to be wrong.[citation needed]

On 24 June 2020, IMF revised India's growth rate to −4.5%, a historic low. However, IMF said India's economy is expected to bounce back in 2021 with a robust six percent growth rate.[citation needed]

On 31 August 2020, the National Statistical Office (NSO) released the data, which revealed that the country's GDP contracted by 23.9 per cent in the first quarter of 2020–21 financial year. The economic contraction followed the severe lockdown to contain the COVID-19 pandemic, where an estimated 140 million jobs were lost. According to the Organization for Economic Co-operation and Development, it was the worst fall in history. [310]



As 90% of the government income comes from oil, it will be extremely heavily hit by the drop in prices.[239]

The employment market has also taken a huge hit. The excessive dependence on oil exposes the country to macroeconomic volatility. As of January 2021, Iraq's unemployment rate was more than 10 percentage points higher than its pre-COVID-19 level of 12.7%.[311]



In Japan, the 2019 4th quarter GDP shrank 7.1% from the previous quarter[312] due to two main factors. One is the government's raise in consumption tax from 8% to 10% despite opposition from the citizens. The other is the devastating effects of Typhoon Hagibis, the strongest typhoon in decades to strike mainland Japan. It was the costliest Pacific typhoon on record.[313] Japanese exports to South Korea were also negatively affected by the Japan–South Korea trade dispute, lowering aggregate demand and GDP growth. This all adds to the effect of the pandemic on people's lives and the economy, the prime minister unveiling a 'massive" stimulus amounting to 20% of GDP.[314]



Since August 2019, Lebanon had been experiencing a major economic crisis that was caused by an increase in the official exchange rate between the Lebanese pound and the United States dollar.[315][316] This was further escalated by a large explosion in Beirut, which delivered critical damage to the Port of Beirut, harming Lebanese trade, and protests throughout the country.


The COVID-19 pandemic in Malaysia has had a significant impact on the Malaysian economy, leading to the devaluation of the Malaysian ringgit (MYR) and the decline in the country's gross domestic product. The pandemic also adversely affected several key sectors including entertainment, markets, retail, hospitality, and tourism. Besides shortages in goods and services, many businesses had to cope with social distancing and lockdown restrictions, which affected their operations and revenue. The pandemic also drew attention to workplace safety and the exploitation of migrant workers working in Malaysian industries.



As millions of Nepalis work outside of the country, at least hundreds of thousands are expected to return due to layoffs abroad, in what has been labelled a "crisis" that may "overwhelm the Nepali state".[317]

New Zealand


In April 2020, the New Zealand Treasury projected that the country could experience an unemployment rate of 13.5 percent if the country remained in lockdown for four weeks, with a range of 17.5 and 26 percent if the lockdown was extended. Prior to the lockdown, the unemployment rate was at 4.2%. Finance Minister Grant Robertson vowed that the Government would keep the unemployment rate below 10%.[318][319][320] In the second quarter of 2020, unemployment fell 0.2 percentage points to 4 percent; however, the under-use rate (a measure of spare capacity in the labor market) rose to a record 12 percent, up 1.6 percentage points from the previous quarter, and working hours fell by 10 percent.[321]

The GDP of New Zealand contracted 1.6 percent in the first quarter of 2020.[322] The country officially entered a recession after a GDP contraction of 12.2% in the second quarter of 2020 which was reported by Statistics New Zealand in September.[323][324]



The Philippines' real GDP contracted by 0.2% in the first quarter of 2020, the first contraction since the fourth quarter of 1998, a year after the 1997 Asian financial crisis.[325] The economy slipped in technical recession after a 16.5% decline was recorded in the second quarter.[326]

The government projects that the GDP will contract by 5.5% in 2020. The First Metro Investment Corp projects a year-on-year GDP decline of 8–9%. The decline is led by a decrease in household spending which typically accounts for 70% of the country's GDP and hesitancy on spending due to COVID-19 community quarantine measures.[327]

In its annual economic performance report released on 28 January 2021, the Philippine Statistics Authority reported that the Philippines' GDP contracted by 9.5% in 2020, its worst contraction since World War II. The last full-year contraction was during the 1997 Asian financial crisis where the GDP grew by −0.5%. The 2020 contraction was also worse than the 7% contraction in 1984.[328]



Property investment sales in Singapore fell 37 per cent to $3.02 billion in the first quarter of this year from the previous three months as the pandemic took its toll on investor sentiment, a report from Cushman & Wakefield on 13 April showed.[329]

On 28 April, the Monetary Authority of Singapore (MAS) said in its latest half-yearly macroeconomic review Singapore will enter into a recession this year because of the blow from the COVID-19 pandemic, resulting in job losses and lower wages, with "significant uncertainty" over how long and intense the downturn will be. Depending on how the pandemic evolves and the efficacy of policy responses around the world, Singapore's economic growth could even dip below the forecast range of minus four to minus one per cent to record its worst-ever contraction.[330]

On 29 April, the Ministry of Manpower (MOM) said that total employment excluding foreign domestic workers dropped by 19,900 in the first three months of the year, mainly due to a significant reduction in foreign employment. Among Singapore citizens, the unemployment rate increased from 3.3 per cent to 3.5 per cent, while the resident unemployment rate, which includes permanent residents, increased from 3.2 per cent to 3.3 per cent.[331]

On 14 May, Singapore Airlines (SIA) posted its first annual net loss in 48 years – a net loss of S$732.4 million in the fourth quarter, reversing from a net profit of S$202.6 million in the corresponding quarter a year ago.[332]



The European Purchasing Managers' Index, a key indicator of economic activity, crashed to a record-low of 13.5 in April 2020.[333] Normally, any figure below 50 is a sign of economic decline.[333]



The Armenian economy shrank sharply by 7.6%, erasing all the gains from 2019.[334]



The Belarusian economy is being negatively affected by the loss of Russian oil subsidies, and the drop in price of Belarus's refined oil products.[225]



France has been hit hard by the pandemic, with two months of 'strict lockdown' imposed before mid-year.[335] On 8 April 2020, the Bank of France declared that the French economy was in recession, shrinking by 6 percent in the first quarter of 2020.[336]

At the end of the second trimester of 2020, several companies began staff cuts: Nokia (1233 jobs),[337] Renault (4600 jobs),[338] Air France (7580 jobs),[338] Airbus (5000 jobs),[338] Derichebourg (700 jobs),[339] TUI France (583 jobs)[340] and NextRadio TV (330–380 jobs).[340]



Italy's unemployment rate is expected to rise to 11.2%, with 51% fearing unemployment in March.[341][342]

The preliminary estimate of 1Q20 Italian GDP showed a 4.7% quarter on quarter fall (−4.8% YoY), a much steeper decline than in any quarter either during the Great Recession or the European debt crisis.[343]

United Kingdom


On 19 March 2020 the Bank of England cut the interest rate to a historic low of 0.1%.[344] Quantitative easing was extended by £200 billion to a total of £645 billion since the start of the Great Recession.[345] A day later, the Chancellor of the Exchequer Rishi Sunak announced the government would spend £350 billion to bolster the economy.[346] On 24 March non-essential business and travel were officially banned in the UK to limit the spread of SARS-CoV-2.[347] In April the Bank agreed to extend the government's overdraft facility from £370 million to an undisclosed amount for the first time since 2008.[348] Household spending fell 41.2% in April 2020 compared with April 2019.[349] April's Purchasing Managers' Index score was 13.8 points, the lowest since records began in 1996, indicating a severe downturn of business activity.[350]

By the start of May, 23% of the British workforce had been furloughed (temporarily laid off). Government schemes were launched to help furloughed employees and self-employed workers whose incomes had been affected by the outbreak, effectively paying 80% of their regular incomes, subject to eligibility.[351] The Bank estimated that the UK economy could shrink 30% in the first half of 2020 and that unemployment was likely to rise to 9% in 2021.[352] Economic growth was already weak before the COVID-19 pandemic, with 0% growth in the fourth quarter of 2019.[353] On 13 May, the Office for National Statistics announced a 2% fall in GDP in the first quarter of 2020, including a then-record 5.8% monthly fall in March. The Chancellor warned it was very likely the UK was going through a significant recession.[354]

HSBC, which is based in London, reported $4.3 billion (~$4.99 billion in 2023) in pre-tax profits during the first half of 2020; this was only one-third of the profits it had taken in the first half of the previous year.[355]

On 12 August, it was announced that the UK had entered into recession for the first time in 11 years.[356]

During the pandemic, exports of many food and drink products from the UK declined significantly,[357] partly because the hospitality industry worldwide experienced a major slump.[358] According to news reports in February 2021, the Scotch whisky sector alone had experienced £1.1 billion in lost sales.[359]

Tourism in the UK (by visitors from both the UK and from other countries) declined substantially due to travel restrictions and lockdowns. For much of 2020, and into 2021, vacation travel was not permitted and entry into the UK was very strictly limited. Business travel, for example, declined by nearly 90% over previous years.[360][361] This not only affected revenue from tourism but also led to numerous job losses.[362]

Middle East


In the Middle East, the economic situation in the United Arab Emirates and Saudi Arabia deteriorated more than any other country in the region. Relying highly on tourism, Dubai was one of the first to reopen tourism.[363] However, by January 2021, a significant surge in Covid cases in the UAE was observed, while several countries across the world also began to blame the Emirati city for spreading the virus abroad.[364]

On the other hand, the economy of the world's largest oil exporter, Saudi Arabia, faced a deep recession, due to the COVID-19 pandemic. In the second quarter, Saudi's economy shrank by 7 per cent, hitting both the oil and non-oil sectors. Besides, unemployment during the quarter also hit a record high of 15.4 per cent.[365] For the third quarter, the Kingdom didn't release its labor market report for the assessment of the unemployment rate. In January 2021, it was reported that Saudi was supposed to release the data on citizen unemployment in December 2020. However, it was delayed four times, before the officials permanently removed the release date from the Saudi statistics authority's website.[366]

Impact by sector


Various service sectors have been hit particularly hard by the COVID-19 recession.[367]

Automotive industry


New vehicle sales in the United States have declined by 40%.[368] The American Big Three have all shut down their US factories.[369] The Automotive industry in Germany suffered after having already suffered from the Volkswagen emissions scandal, as well as competition from electric cars.[370]


Oil tankers sit off the coast of Southern California, 23 April 2020.

The demand shock to oil was so severe that the price of American oil futures contracts became negative (bottoming out at $-37.63 per barrel on the West Texas Intermediate), as traders started paying for buyers to take the product before storage capacity ran out.[371] This was despite an earlier OPEC+ deal which cut world production by 10% and ended the 2020 Russia–Saudi Arabia oil price war.[372]



The global tourism industry may shrink up to 50% due to the pandemic.[373]



The COVID-19 pandemic has impacted the restaurant business. In the beginning of March 2020, some major cities in the US announced that bars and restaurants would be closed to sit-down diners and limited to takeout orders and delivery.[374] Some employees were fired, and more employees lacked sick leave in the sector compared to similar sectors.[375][376]



Shopping centers and other retailers around the world have reduced hours or closed down entirely. Many were expected not to recover, thereby accelerating the effects of the retail apocalypse.[377] Department stores and clothing shops have been especially hit.[377]


A nearly empty flight from Beijing to Los Angeles during the pandemic

The pandemic has had a significant impact on the aviation industry due to the resulting travel restrictions as well as slump in demand among travelers. Significant reductions in passenger numbers have resulted in planes flying empty between airports and the cancellation of flights.[citation needed]

The following airlines have gone bankrupt or into administration:

The cruise ship industry has also been heavily affected by a downturn, with the share prices of the major cruise lines down 70–80%.[382]

U.S. impact by occupation and demographic


Differences across occupations caused difference in the economic effects across groups. Certain jobs were less suitable for remote work, e.g. because they involve working with people closely or with particular materials. Women tended to be affected more than men.[383] The employment of immigrants in the U.S. declined more than for the native-born partly because the kinds of job immigrants held.[384] Inequity in economic impact on workers in similar professions occurred when employees laid-off completely were awarded both State unemployment benefits and up to $600/week in federal pandemic assistance – which together could equal or exceed pre-layoff income – while peers reduced to part-time employment struggled, ineligible for either unemployment insurance compensation or the accompanying pandemic payments.[citation needed]

Food insecurity


Unlike the Great Recession, it is expected that the COVID-19 recession will also affect the majority of developing nations. On 21 April, the United Nations World Food Programme warned that a famine "of biblical proportions" was expected in several parts of the world as a result of the pandemic.[385][386] The release of 2020 Global Report on Food Crises indicated that 55 countries were at risk,[387] with David Beasley estimating that in a worst-case scenario "about three dozen" countries would succumb to famine.[386][388] This is particularly an issue in several countries affected by war, including the Yemeni Civil War, the Syrian civil war, insurgency in the Maghreb and the Afghanistan Conflict and occurs on a background of the 2019 locust infestations in East Africa. Nestlé, PepsiCo, the United Nations Foundation and farmers' unions have written to the G20 for support in maintaining food distributions to prevent food shortages.[389] It is estimated that double the number of people "will go hungry" when compared to pre-pandemic levels.[389]

The United Nations forecasts that the following member states will have significant areas with poor food security categorised as under "stress" (IPC phase 2), "crisis" (IPC phase 3), "emergency" (IPC phase 4) or "critical emergency" (IPC phase 5) in 2020:[387]

  •  Afghanistan
  •  Angola
  •  Burkina Faso
  •  Cabo Verde
  •  Cameroon
  •  CAR
  •  Chad
  •  Cote d'Ivoire
  •  DR Congo
  •  El Salvador
  •  Eswatini
  •  Ethiopia
  •  Gambia
  •  Guatemala
  •  Guinea
  •  Guinea-Bissau
  •  Haiti
  •  Honduras
  •  Iraq
  •  Kenya
  •  Lesotho
  •  Liberia
  •  Libya
  •  Madagascar
  •  Malawi
  •  Mali
  •  Mauritania
  •  Mozambique
  •  Myanmar
  •  Namibia
  •  Nicaragua
  •  Niger
  •  Nigeria
  •  Pakistan
  •  Philippines
  •  Rwanda
  •  Senegal
  •  Sierra Leone
  •  Somalia
  •  South Sudan
  •  Sudan
  •  Syria
  •  Uganda
  •  Tanzania
  •  Venezuela
  •  Yemen
  •  Zambia
  •  Zimbabwe

It also raises alerts around:[387]

On 9 July, Oxfam released a report warning that "12,000 people per day could die from COVID-19 linked hunger" by 2021, estimating an additional 125 million people are at risk of starvation due to the pandemic.[390][391] In particular the report highlighted "emerging epicentres" of hunger, alongside famine-stricken areas, including areas in Brazil, India, Yemen and the Sahel.[391]

National fiscal responses


Several countries have announced stimulus programs to counter the effects of the recession. Below is a summary table based on data from the International Monetary Fund (unless otherwise specified).[225]

Country Direct spending (billions US$) Direct spending (% GDP) Loan guarantees and asset purchases (billions US$) Notes Additional sources
 Australia 139 9.7 125
 Austria 43 9
 Azerbaijan 1.9 4.1
 Bahrain 1.5 4.2 9.8
 Belgium 11.4 2.3 51.9
 Canada 145 8.4 170
 Chile 11.75 4.7
 China 380 2.5 770
 Cyprus 1.00 4.3
 Czech Republic 4 2 40
 Denmark 9 2.5 Another 2.5% is estimated to come from automatic stabilizers.
 Egypt 6.13 1.8
 Estonia 2 7
 European Union 600 4 870 Not including individual action by states. Further information: Next Generation EU [392]
 France 129 5 300
 Germany 175 4.9 825 States have announced additional spending.
 Greece 27 14
 Hong Kong 36.69 10
 India 267 9
 Iran 55 10+
 Ireland 14.9 4
 Israel 26 7.2 10
 Italy 90 3.1 400
 Japan 1,070 21.1 15
 Kazakhstan 13 9
 Luxembourg 3.5 4.9
 Macao 6.6 12.1
 Malaysia 7.5 2.1 10
 New Zealand 40.9 21
 Norway 18 5.5
 Pakistan 8.8 3.8 Provincial governments have also announced fiscal measures
 Peru 20 8 announced expenditure of 12% from total GDP
 Philippines 21.45 5.83 [393]
 Qatar 20.6 13
 Russia 72.7 4.3 Total of the recovery plan in 2020–2021. [394]
 Serbia 3.35 6.5 Assistance in total amounts to about 5.7 billions USD (11% of the total GDP) [395]
 Korea 14 0.6 90
 Singapore 54.5 11
  Switzerland 73 10.4
 Thailand 480 9.6
 Turkey 20 2
 United Arab Emirates 7.22 2 Targeted Economic Support Scheme (TESS) stimulus package
 United Kingdom 360 10.6
 United States 2,900 14.5 4000

See also



  1. ^ Juliana Kaplan; Lauren Frias; Morgan McFall-Johnsen (14 March 2020). "A third of the global population is on coronavirus lockdown – here's our constantly updated list of countries and restrictions". Business Insider Australia. Retrieved 15 April 2020.
  2. ^ The return of Keynesianism? Exploring path dependency and ideational change in post-covid fiscal policy. Policy & Society. Volume 41, Issue 1, January 2022, Pages 68–82
  3. ^ Elliott, Larry (8 October 2019). "Nations must unite to halt global economic slowdown, says new IMF head". The Guardian. ISSN 0261-3077. Retrieved 15 April 2020.
  4. ^ Cox, Jeff (21 November 2019). "The worst of the global economic slowdown may be in the past, Goldman says". CNBC. Retrieved 15 April 2020.
  5. ^ Zumbrun, Josh (10 May 2020). "Coronavirus Slump Is Worst Since Great Depression. Will It Be as Painful?". The Wall Street Journal. ISSN 0099-9660. Retrieved 20 January 2021.
  6. ^ "World Economic Outlook, April 2020: The Great Lockdown". IMF. Retrieved 15 April 2020.
  7. ^
  8. ^ "World Economic Outlook Update, June 2020: A Crisis Like No Other, An Uncertain Recovery". IMF. Retrieved 11 September 2020.
  9. ^ a b "The Great Lockdown: Worst Economic Downturn Since the Great Depression". IMF Blog. 14 April 2020. Retrieved 16 April 2020.
  10. ^ "COVID-19 to Plunge Global Economy into Worst Recession since World War II". World Bank. Retrieved 11 September 2020.
  11. ^ "Unemployment cases jump in the United States". CNBC. 15 October 2020.
  12. ^ Aratani, Lauren (15 April 2020). "'Designed for us to fail': Floridians upset as unemployment system melts down". The Guardian. ISSN 0261-3077. Retrieved 15 April 2020.
  13. ^ "The coronavirus has destroyed the job market. See which states have been hit the hardest". NBC News. Retrieved 15 April 2020.
  14. ^ "ILO: COVID-19 causes devastating losses in working hours and employment". 7 April 2020. Retrieved 19 April 2020.
  15. ^ Partington, Richard (14 April 2020). "UK economy could shrink by 35% with 2m job losses, warns OBR". The Guardian. ISSN 0261-3077. Retrieved 15 April 2020.
  16. ^ Sullivan, Kath (13 April 2020). "Unemployment forecast to soar to highest rate in almost 30 years". ABC News. Retrieved 15 April 2020.
  17. ^ Amaro, Silvia (15 April 2020). "Spain's jobless rate is set to surge much more than in countries like Italy". CNBC. Retrieved 15 April 2020.
  18. ^ "Covid stops many migrants sending money home". The Economist. ISSN 0013-0613. Retrieved 23 April 2020.
  19. ^ Picheta, Rob (22 April 2020). "Coronavirus pandemic will cause global famines of 'biblical proportions,' UN warns". CNN. Retrieved 13 July 2020.
  20. ^ Yergin, Daniel (7 April 2020). "The Oil Collapse". Foreign Affairs: An American Quarterly Review. ISSN 0015-7120. Retrieved 15 April 2020.
  21. ^ Dan, Avi. "Consumer Attitudes And Behavior Will Change in the Recession, And Persist When It Ends". Forbes. Retrieved 15 April 2020.
  22. ^ "The $1.5 Trillion Global Tourism Industry Faces $450 Billion Collapse in Revenues, Based on Optimistic Assumptions". Wolf Street. 30 March 2020. Retrieved 15 April 2020.
  23. ^ "Energy crunch: How high will oil prices climb?". Al-Jazeera. 27 September 2021.
  24. ^ "Covid is at the center of world's energy crunch, but a cascade of problems is fueling it". NBC News. 8 October 2021.
  25. ^ "Energy Crisis 2021: How Bad Is It, And How Long Will It Last?". Forbes. 19 October 2021.
  26. ^ "Biggest stock slide on Wall Street since '20 as oil surges". AP News (STAN CHOE and ALEX VEIGA). 7 March 2022.
  27. ^ "Corporate bonds and loans are at the centre of a new financial scare". The Economist. 12 March 2020. Retrieved 12 April 2020.
  28. ^ "April 2020 Global Debt Monitor: COVID-19 Lights a Fuse". Institute of International Finance. 7 April 2020. Retrieved 12 April 2020.
  29. ^ a b "Transcript of October 2019 Global Financial Stability Report Press Briefing". International Monetary Fund. 16 October 2019. Retrieved 12 April 2020.
  30. ^ Alster, Norm (16 April 2020). "Companies With High Debt Are Paying a Price". The New York Times. Retrieved 16 April 2020.
  31. ^ Lund, Susan (21 June 2018). "Are we in a corporate debt bubble?". McKinsey Global Institute. Retrieved 11 March 2020.
  32. ^ a b "The World Economy: Synchronized Slowdown, Precarious Outlook". IMF Blog. 15 October 2019. Retrieved 15 April 2020.
  33. ^ Gurdus, Lizzy (10 October 2019). "'Yellow flag on recession risk': Top forecaster warns of cracks in consumer spending". CNBC. Retrieved 15 April 2020.
  34. ^ Achuthan, Lakshman; Banerji, Anirvan. "Opinion: Here's what is really causing the global economic slowdown". CNN. Retrieved 15 April 2020.
  35. ^ Barone, Robert. "A Strange New World: Economic Slowdown, Liquidity Issues". Forbes. Retrieved 15 April 2020.
  36. ^ DeCambre, Mark. "Dow, S&P 500 set for worst May tumble in nearly 50 years amid U.S.-China trade clash". MarketWatch. Retrieved 15 April 2020.
  37. ^ Robertson, Andrew (12 September 2019). "'How'd you go broke? Slow and then very fast': Economists warn on debt". ABC News. Retrieved 15 April 2020.
  38. ^ "Household debt up 7.4% in 2019 amid economic woes". Bangkok Post. Retrieved 15 April 2020.
  39. ^ Lee, Yen Nee (15 April 2020). "Coronavirus could cause more countries to default on their debt, economist says". CNBC. Retrieved 15 April 2020.
  40. ^ "Statement Regarding Monetary Policy Implementation". Federal Reserve. 11 October 2019.
  41. ^ Swanson, Ana (5 July 2018). "Trump's Trade War With China Is Officially Underway". The New York Times. ISSN 0362-4331. Retrieved 15 April 2020.
  42. ^ "Findings of the Investigation into China's Acts, Policies, and Practices Related to Technology Transfer, Intellectual Property, and Innovation Under Section 301 of the Trade Act of 1974" (PDF). Office of the U.S. Trade Representative. Retrieved 15 April 2020.
  43. ^ Casselman, Ben; Chokshi, Niraj; Tankersley, Jim (22 January 2020). "The Trade War, Paused for Now, Is Still Wreaking Damage". The New York Times. ISSN 0362-4331. Retrieved 15 April 2020.
  44. ^ Long, Heather; Van Dam, Andrew. "U.S. manufacturing was in a mild recession during 2019, a sore spot for the economy". The Washington Post. Retrieved 15 April 2020.
  45. ^ "China–US trade war: Sino-American ties being torn down brick by brick". Al Jazeera. Archived from the original on 18 September 2020. Retrieved 18 August 2019.
  46. ^ "For the U.S. and China, it's not a trade war anymore – it's something worse". Los Angeles Times. 31 May 2019. Retrieved 18 August 2019.
  47. ^ "NDR 2019: Singapore will be 'principled' in approach to China–US trade dispute; ready to help workers". CNA. Archived from the original on 15 May 2021. Retrieved 18 August 2019.
  48. ^ Rappeport, Alan; Bradsher, Keith (23 August 2019). "Trump Says He Will Raise Existing Tariffs on Chinese Goods to 30%". The New York Times. Retrieved 25 August 2019.
  49. ^ "IMF – The "Great Lockdown" Is Set To Triggers The World's Worst Recession Since The 1929 Great Depression". 14 April 2020. Retrieved 15 April 2020.
  50. ^ "Great lockdown as bad as Great Depression: IMF". The News International. Retrieved 15 April 2020.
  51. ^ a b "Shadow of Brexit still looms over economy: experts debate the data". The Guardian. 27 December 2019. ISSN 0261-3077. Retrieved 15 April 2020.
  52. ^ Partington, Richard (25 October 2019). "How has Brexit vote affected the UK economy? October verdict". The Guardian. ISSN 0261-3077. Retrieved 15 April 2020.
  53. ^ Amadeo, Kimberly. "Brexit Consequences for the U.K., the EU, and the United States". The Balance. Retrieved 15 April 2020.
  54. ^ "The Economic Impact of Brexit". rand.org. Retrieved 15 April 2020.
  55. ^ "Evergrande's Total Liabilities Swell to Over $300 Billion". Bloomberg. 1 September 2021.
  56. ^ "Evergrande: Chinese property giant 'misses another payment deadline'". BBC. 30 September 2021.
  57. ^ "Biggest stock slide on Wall Street since '20 as oil surges". CBS News (CBS/AP). 7 March 2022.
  58. ^ "Swift:EU leaders line up to back banning Russia from banking network". The Guardian (Miranda Bryant). 26 February 2022.
  59. ^ "Swift:The US and Europe's Next Punch at Putin May Be Oil Import Ban". Bloomberg (Natalia Drozdiak). 7 March 2022.
  60. ^ Khan, Shariq; Kelly, Stephanie (7 March 2022). "Oil prices hit 14-year highs on Russia oil ban talks, Iran deal delay". Reuters. Retrieved 1 May 2022.
  61. ^ Jarrett Renshaw; Laura Sanicola (1 March 2022). "U.S. has not sanctioned Russian oil but traders avoiding it". Reuters.
  62. ^ "War in Ukraine: Russia soon unable to pay its debts, warns agency". BBC (BBC News). 9 March 2022.
  63. ^ Strohecker, Karin; Shalal, Andrea; Chan, Emily (27 June 2022). "Russia in historic default as Ukraine sanctions cut off payments". Reuters. Retrieved 27 June 2022.
  64. ^ "What The 1918 Flu Pandemic Teaches Us About The Coronavirus Outbreak". wbur.org. 24 March 2020. Retrieved 15 April 2020.
  65. ^ Long, Stephen (8 September 2019). "How a consumer go-slow and a pile of debt is killing the economy". ABC News. Retrieved 16 April 2020.
  66. ^ Chau, David (4 November 2019). "Retail slumps to 'weakest' level in 28 years as tax cuts fail to stimulate consumer spending". ABC News. Retrieved 16 April 2020.
  67. ^ Ellyatt, Holly (23 March 2020). "Global economic hit from coronavirus will be felt 'for a long time to come,' OECD warns". CNBC. Retrieved 16 April 2020.
  68. ^ "Statement on the second meeting of the International Health Regulations (2005) Emergency Committee regarding the outbreak of novel coronavirus (2019-nCoV)". World Health Organization. 30 January 2020. Archived from the original on 31 January 2020. Retrieved 30 January 2020.
  69. ^ "WHO Director-General's opening remarks at the media briefing on COVID-19". World Health Organization. 11 March 2020. Retrieved 11 March 2020.
  70. ^ "Here Comes the Coronavirus Pandemic: Now, after many fire drills, the world may be facing a real fire". Editorial. The New York Times. 29 February 2020. Retrieved 1 March 2020.
  71. ^ "A List of What's Been Canceled Because of the Coronavirus". The New York Times. 1 April 2020. Retrieved 11 April 2020.
  72. ^ Scipioni, Jade (18 March 2020). "Why there will soon be tons of toilet paper, and what food may be scarce, according to supply chain experts". CNBC. Retrieved 19 March 2020.
  73. ^ "The Coronavirus Outbreak Could Disrupt the U.S. Drug Supply". Council on Foreign Relations. Retrieved 19 March 2020.
  74. ^ "COVID-19 Information for Travel". US Centers for Disease Control and Prevention. 11 February 2020. Retrieved 25 February 2020.
  75. ^ "Coronavirus Disease 2019 (COVID-19) – Transmission". Centers for Disease Control and Prevention. 17 March 2020. Retrieved 29 March 2020.
  76. ^ "Real-time data show virus hit to global economic activity". Financial Times. 22 March 2020. Archived from the original on 22 March 2020. Retrieved 22 March 2020.
  77. ^ Schwartz, Nelson D. (21 March 2020). "Coronavirus Recession Looms, Its Course 'Unrecognizable'". The New York Times. Archived from the original on 24 March 2020. Retrieved 24 March 2020.
  78. ^ Horowitz, Julia. "A 'short, sharp' global recession is starting to look inevitable". CNN. Archived from the original on 20 March 2020. Retrieved 26 March 2020.
  79. ^ Lowrey, Annie (9 March 2020). "The Coronavirus Recession Will Be Unusually Difficult to Fight". The Atlantic. Archived from the original on 24 March 2020. Retrieved 24 March 2020.
  80. ^ Jenkins, Simon (9 March 2020). "There will be no easy cure for a recession triggered by the coronavirus". The Guardian. Archived from the original on 24 March 2020. Retrieved 24 March 2020.
  81. ^ "ECR Risk Experts Contemplate another Financial Crisis", Euromoney, 20 March 2020 Archived 5 July 2020 at the Wayback Machine Jeremy Weltman
  82. ^ a b c d Bank, European Investment (2022). Business resilience in the pandemic and beyond: Adaptation, innovation, financing and climate action from Eastern Europe to Central Asia. European Investment Bank. ISBN 978-92-861-5086-9.
  83. ^ "Home". www.oecd-ilibrary.org. Retrieved 30 June 2022.
  84. ^ "Regional Economic Outlook". IMF. Retrieved 30 June 2022.
  85. ^ "Coronavirus (COVID-19): SME policy responses". OECD. Retrieved 19 July 2022.
  86. ^ "Think Tanks' reports on COVID-19 and the recovery fund". www.consilium.europa.eu. Retrieved 19 July 2022.
  87. ^ Badger, Emily; Parlapiano, Alicia (7 May 2020). "Government Orders Alone Didn't Close the Economy. They Probably Can't Reopen It". The New York Times. ISSN 0362-4331. Retrieved 8 May 2020.
  88. ^ Murray, Dr. Christopher (11 May 2020). "Expert explains why estimated US deaths have doubled". CNN Video. Retrieved 11 May 2020.
  89. ^ Silver, Nate (10 May 2020). "A lot of evidence suggests that formal re-opening policies are only loosely correlated with people's behavior". @NateSilver538. Retrieved 10 May 2020.
  90. ^ "Mobility Trends Reports". Apple Maps. Retrieved 10 May 2020.
  91. ^ Goolsbee, Austan; Syverson, Chad (1 January 2021). "Fear, lockdown, and diversion: Comparing drivers of pandemic economic decline 2020". Journal of Public Economics. 193: 104311. doi:10.1016/j.jpubeco.2020.104311. ISSN 0047-2727. PMC 7687454. PMID 33262548.
  92. ^ "Oil prices fall as coronavirus spreads outside China". Associated Press. 29 February 2020. Archived from the original on 8 March 2020.
  93. ^ "Coronavirus set to knock oil demand growth to slowest since 2011". Financial Times. 13 February 2020. Archived from the original on 14 February 2020.
  94. ^ Kollewe, Julia (4 February 2020). "Opec discusses coronavirus as Chinese oil demand slumps – as it happened". The Guardian. Archived from the original on 6 February 2020.
  95. ^ Johnson, Keith (5 March 2020). "OPEC Tries to Forestall a Coronavirus Oil Collapse". Foreign Policy. Archived from the original on 7 March 2020.
  96. ^ Stevens, Pippa; Meredith, Sam (6 March 2020). "Oil plunges 10% for worst day in more than 5 years after OPEC+ fails to agree on a massive production cut". CNBC. Archived from the original on 8 March 2020.
  97. ^ Kelly, Stephanie (8 March 2020). "Oil plunges 25%, hit by erupting Saudi-Russia oil price war". Reuters. Archived from the original on 9 March 2020.
  98. ^ "Saudi-Russian price war sends oil and stockmarkets crashing". The Economist. 9 March 2020. Archived from the original on 9 March 2020.
  99. ^ Stevens, Pippa (8 March 2020). "Oil prices plunge as much as 30% after OPEC deal failure sparks price war". CNBC. Archived from the original on 9 March 2020.
  100. ^ "Oil Prices, Stocks Plunge After Saudi Arabia Stuns World With Massive Discounts". NPR. 8 March 2020. Archived from the original on 10 March 2020.
  101. ^ Telford, Taylor; Englund, Will; Heath, Thomas. "U.S. markets crater with stocks down more than 5 percent as coronavirus spreads". The Washington Post. Archived from the original on 8 March 2020.
  102. ^ Mufson, Steven; Englund, Will. "Oil price war threatens widespread collateral damage". The Washington Post. Retrieved 9 March 2020.
  103. ^ Egan, Matt (9 March 2020). "Oil crashes by most since 1991 as Saudi Arabia launches price war". CNN. Archived from the original on 9 March 2020.
  104. ^ "Saudi Arabia and Russia Reach Deal to Cut Oil Production". Foreign Policy. 10 April 2020.
  105. ^ "Saudi, Russia agree oil cuts extension, raise pressure for compliance". Reuters. 3 June 2020.
  106. ^ "Saudi Arabia, Russia Agree to Record Oil Cut Under US Pressure as Demand Crashes". VOA News. Reuters. 9 April 2020.
  107. ^ Lee, Nathaniel (16 June 2020). "How negative oil prices revealed the dangers of the futures market". CNBC. Retrieved 5 July 2020.
  108. ^ Samuelson, Robert J. (12 March 2020). "What Crash of 2020 Means". The Washington Post. Retrieved 12 March 2020.
  109. ^ Wearden, Graeme; Jolly, Jasper (12 March 2020). "Wall Street and FTSE 100 plunge on worst day since 1987 – as it happened". The Guardian. ISSN 0261-3077. Retrieved 12 March 2020.
  110. ^ Williams, Sean (10 March 2020). "Stock Market Crash 2020: Everything You Need to Know". The Motley Fool. Retrieved 12 March 2020.
  111. ^ Smith, Elliot (28 February 2020). "Global stocks head for worst week since the financial crisis amid fears of a possible pandemic". CNBC. Archived from the original on 28 February 2020.
  112. ^ Imbert, Fred; Huang, Eustance (27 February 2020). "Dow falls 350 points Friday to cap the worst week for Wall Street since the financial crisis". CNBC. Archived from the original on 28 February 2020.
  113. ^ Smith, Elliot (28 February 2020). "European stocks fall 12% on the week as coronavirus grips markets". CNBC. Archived from the original on 28 February 2020.
  114. ^ Menton, Jessica (27 February 2020). "Dow plunges 1,191 points, its biggest one-day point drop, as coronavirus fears escalate". USA Today. Retrieved 12 March 2020.
  115. ^ Peltz, James F. (27 February 2020). "Stock market enters a correction, down 10% from recent peak". Los Angeles Times. Archived from the original on 4 March 2020. Retrieved 12 March 2020.
  116. ^ Huang, Eustance (28 February 2020). "Seven major Asia-Pacific markets have tumbled into correction territory". CNBC. Archived from the original on 29 February 2020. Retrieved 24 March 2020.
  117. ^ "Asian shares rise following stimulus-led surge on Wall St". MyNorthwest. Associated Press. 4 March 2020. Archived from the original on 5 March 2020. Retrieved 13 March 2020.
  118. ^ DeCambre, Mark (7 March 2020). "Wild stock-market swings are 'emotionally and intellectually wearing' on Wall Street". MarketWatch. Archived from the original on 5 March 2020. Retrieved 13 March 2020.
  119. ^ Partington, Richard; Wearden, Graeme (9 March 2020). "Global stock markets post biggest falls since 2008 financial crisis". The Guardian. ISSN 0261-3077. Archived from the original on 14 March 2020. Retrieved 15 March 2020.
  120. ^ He, Laura; Duffy, Clare; Horowitz, Julia. "US stocks halted after falling 7%. Global stocks plunge as oil crashes and coronavirus fear spreads". CNN. Archived from the original on 14 March 2020. Retrieved 15 March 2020.
  121. ^ Prynn, Jonathon; English, Simon; Murphy, Joe (9 March 2020). "Black Monday: Fourth biggest City fall as virus panic hits markets". London Evening Standard. Archived from the original on 11 March 2020. Retrieved 13 March 2020.
  122. ^ Partington, Richard; Wearden, Graeme (9 March 2020). "Global stock markets post biggest falls since 2008 financial crisis". The Guardian. ISSN 0261-3077. Archived from the original on 12 March 2020. Retrieved 13 March 2020.
  123. ^ "Milan bourse closes almost 17% down – English". ANSA.it. 12 March 2020. Archived from the original on 18 March 2020. Retrieved 13 March 2020.
  124. ^ Lopez, Jonathan (12 March 2020). "Europe crude, petchems prices extend losses as stocks suffer 'Black Thursday'". Icis. Archived from the original on 22 March 2020. Retrieved 13 March 2020.
  125. ^ Burch, Sean (12 March 2020). "Dow Suffers Biggest Point Drop Ever, as Disney and Apple Fall Hard". TheWrap. Archived from the original on 22 March 2020. Retrieved 13 March 2020.
  126. ^ "Stock market today: Live updates on the Dow, S&P 500, companies and more". CNN. 13 March 2020. Archived from the original on 16 March 2020. Retrieved 16 March 2020.
  127. ^ Imbert, Fred (16 March 2020). "Here's what happened to the stock market on Monday". CNBC. Archived from the original on 17 March 2020. Retrieved 16 March 2020.
  128. ^ a b "Global shares plunge in worst day since financial crisis". BBC. 9 March 2020. Archived from the original on 9 March 2020.
  129. ^ Li, Yun (8 March 2019). "Dow futures tumble as Saudi-Russia oil price war adds to coronavirus stress". NBC News. Archived from the original on 9 March 2020.
  130. ^ Bayly, Lucy (9 March 2020). "Dow closes with decline of 2,000 points, almost ending 11-year bull market". NBC News. Archived from the original on 9 March 2020.
  131. ^ Ruhle, Stephanie (9 March 2019). "Stocks plunge at market open, trading halts after Dow drops 1800 points". MSNBC.
  132. ^ Menton, Jessica. "Dow plummets 2,000 points, oil prices drop as global recession concerns mount". USA Today. Retrieved 10 March 2020.
  133. ^ "Trillions vaporise from world economy". The News International. Retrieved 10 March 2020.
  134. ^ "Dow Dives 2,000 Points After Oil Shock". Haaretz. Reuters. 9 March 2020. Retrieved 10 March 2020.
  135. ^ "Worst day in a decade: Nasdaq, S&P, Dow down nearly 8% in massive market rout". Fortune. Retrieved 10 March 2020.
  136. ^ Defterios, John (9 March 2020). "Why oil prices are crashing and what it means". CNN. Archived from the original on 15 March 2020. Retrieved 16 March 2020.
  137. ^ Franck, Thomas; Li, Yun (9 March 2020). "10-year Treasury yield hits new all-time low of 0.318% amid historic flight to bonds". CNBC. Archived from the original on 9 March 2020. Retrieved 16 March 2020.
  138. ^ "TSX sinks 10.3%, U.S. stocks plunge most since the financial crisis". Financial Post. 9 March 2020. Retrieved 10 March 2020.
  139. ^ "Brazil stocks post biggest fall since 1998, central bank intervenes twice in FX". Reuters. 9 March 2020. Retrieved 10 March 2020.
  140. ^ "Australian shares drop most in over 11 years on virus fears, oil plunge". Reuters. 9 March 2020. Retrieved 10 March 2020.
  141. ^ "'Real fear': ASX plunges 7.3 per cent as $136b wiped from bourse". The Sydney Morning Herald. 9 March 2020. Archived from the original on 10 March 2020. Retrieved 12 March 2020.
  142. ^ Marris, Sharos (9 March 2020). "Coronavirus: FTSE 100 in biggest fall since 2008 financial crisis on outbreak fears". Sky News.
  143. ^ Ashworth, Louis (9 March 2020). "Stock markets crash after oil price collapses". The Telegraph. ISSN 0307-1235. Retrieved 10 March 2020.
  144. ^ Ashworth, Louis (9 March 2020). "Stock markets crash after oil price collapses". The Telegraph. Retrieved 9 March 2020.
  145. ^ "FTSE falls 11% in a week as virus spreads". The Times. 9 March 2020. Archived from the original on 2 March 2020.
  146. ^ "FTSE tumbles 8.2% on opening rout". BBC. 9 March 2020. Archived from the original on 10 March 2020.
  147. ^ "US stocks halted after falling 7%. Global stocks plunge as oil crashes and coronavirus fear spreads". Q13 FOX. 9 March 2020. Archived from the original on 10 June 2020. Retrieved 15 April 2020.
  148. ^ Smith, Elliot; Ellyatt, Holly (9 March 2020). "European stocks close 7% lower and enter bear market territory as oil prices crash". CNBC. Archived from the original on 9 March 2020. Retrieved 26 March 2020.
  149. ^ Vishnoi, Abhishek; Mookerjee, Ishika (9 March 2020). "Perfect Storm Plunges Asia Stocks into Bear Markets One by One". Bloomberg. Retrieved 10 March 2020.
  150. ^ He, Laura (9 March 2020). "US stocks halted after falling 7%. Global stocks plunge as oil crashes and coronavirus fear spreads". 8 KPAX.
  151. ^ Tang, See Kit (9 March 2020). "Singapore stocks near 4-year low as oil rout, COVID-19 fears send investors 'dumping everything'". CNA. Archived from the original on 13 May 2020. Retrieved 10 March 2020.
  152. ^ "China stocks slide 3%, leading sharp losses for Asia as coronavirus spreads". Market Watch. 23 January 2020. Archived from the original on 10 March 2020.
  153. ^ Price, Deb (9 March 2020). "Hong Kong stocks plunge more than 1,100 points as collapsing oil market adds to the woes of a widening coronavirus outbreak". South China Morning Post. Archived from the original on 9 March 2020.
  154. ^ "Crash and recover: Stocks register largest intra-day fall in history before rebounding". Dawn. 9 March 2020. Archived from the original on 17 March 2020. Retrieved 26 March 2020.
  155. ^ Raj, Shubham (9 March 2020). "Monday mayhem marks worst day for Sensex: 5 factors causing this crash". The Economic Times. Archived from the original on 19 March 2020. Retrieved 12 March 2020.
  156. ^ Lynch, David J. (10 March 2020). "Fears of corporate debt bomb grow as coronavirus outbreak worsens". The Washington Post. Archived from the original on 11 March 2020.
  157. ^ Soldatkin, Vladimir (9 March 2020). "Russian cenbank says suspends forex purchases for 30 days". Reuters. Archived from the original on 9 March 2020.
  158. ^ McGeever, Jamie; Laier, Paula (9 March 2020). "Brazil stocks post biggest fall since 1998, central bank intervenes twice in FX". Reuters. Archived from the original on 10 March 2020.
  159. ^ Esposito, Anthony (9 March 2020). "Mexico central bank props up battered peso, rates outlook uncertain". Reuters. Archived from the original on 10 March 2020.
  160. ^ Takemoto, Yoshifumi; Kajimoto, Tetsushi (2 December 2019). "Japan preparing $120 billion stimulus package to bolster fragile economy". Reuters. Archived from the original on 21 February 2020.
  161. ^ Kajimoto, Tetsushi; Leussink, Daniel (9 March 2020). "Japan announces $4 billion coronavirus package, not yet eyeing extra budget". Reuters. Archived from the original on 11 March 2020.
  162. ^ Akhlas, Adrian Wail (9 March 2020). "Lower income, rising debt expected as Indonesia unveils extra stimulus". The Jakarta Post. PT Niskala Media Tenggara. Retrieved 9 March 2020.
  163. ^ For an explanation regarding the title "Black Thursday", see:
  164. ^ Imbert, Fred; Franck, Thomas (12 March 2020). "Dow drops more than 8%, heads for biggest one-day plunge since 1987 market crash". CNBC. Archived from the original on 12 March 2020. Retrieved 12 March 2020.
  165. ^ a b Barnes, Brooks; Ewing, Jack; Goodman, Peter S.; Tankersley, Jim; Koblin, John; Hsu, Tiffany; Smialek, Jeanna; McKenna, Kevin; Reed, Stanley; Bradsher, Keith; Alderman, Liz; Stevenson, Alexandra; Kwai, Isabella; Bradsher, Keith; Perlroth, Nicole; Goldstein, Matthew; Abdul, Geneva; Tejada, Carlos (12 March 2020). "Stocks Plunge as Trump's Travel Ban Adds to Distress: Live Updates". The New York Times. Archived from the original on 12 March 2020. Retrieved 12 March 2020.
  166. ^ Amaro, Silvia (12 March 2020). "ECB surprises markets by not cutting rates, but announces stimulus to fight coronavirus impact". CNBC. Archived from the original on 12 March 2020. Retrieved 13 March 2020.
  167. ^ Zabelin, Dimitri (12 March 2020). "ECB rate decision, Lagarde outlook: What to expect". DailyFX. Archived from the original on 23 March 2020. Retrieved 13 March 2020.
  168. ^ "Indonesia c.bank buys 4 trln rupiah of bonds in auction, may run 2nd auction". Reuters. 12 March 2020. Retrieved 13 March 2020.
  169. ^ Akhlas, Adrian Wail (12 March 2020). "Bank Indonesia spends Rp 110t to stabilize markets as virus stokes sell-off". The Jakarta Post. PT Niskala Media Tenggara. Retrieved 13 March 2020.
  170. ^ Amaro, Silvia (12 March 2020). "ECB surprises markets by not cutting rates, but announces stimulus to fight coronavirus impact". CNBC. Archived from the original on 12 March 2020.
  171. ^ Cox, Jeff (12 March 2020). "Fed to pump in more than $1 trillion in dramatic ramping up of market intervention amid coronavirus meltdown". CNBC. Archived from the original on 12 March 2020.
  172. ^ Zhou, Naaman (12 March 2020). "Australian government unveils $17.6bn stimulus package as coronavirus hammers stock market". The Guardian. Archived from the original on 12 March 2020.
  173. ^ Gopakumar, Gopika (12 March 2020). "Reserve Bank steps into forex market to support rupee". Mint. Retrieved 13 March 2020.
  174. ^ "Asia markets look to central bank action as liquidity tightens". Reuters. 12 March 2020. Archived from the original on 13 March 2020.
  175. ^ McGeever, Jamie (12 March 2020). "Brazil ups FX intervention, pledges to ease bond market strains". Reuters. Retrieved 13 March 2020.
  176. ^ Huang, Eustance (11 March 2020). "Japan stocks follow Dow into a bear market as Trump suspends travel from Europe; WHO declares coronavirus outbreak a pandemic". CNBC. Archived from the original on 12 March 2020.
  177. ^ Sin, Noah; Shen, Samuel (12 March 2020). "Hong Kong's Hang Seng Index plunges into bear market". NASDAQ. Archived from the original on 23 March 2020. Retrieved 15 March 2020.
  178. ^ Rahman, Riska; Samboh, Esther (12 March 2020). "Time-out: IDX halts trading as shares plunge 5%". The Jakarta Post. PT Niskala Media Tenggara. Archived from the original on 23 March 2020. Retrieved 15 March 2020.
  179. ^ Smith, Elliot; Ellyatt, Holly (12 March 2020). "European stocks close 11% lower in worst one-day drop ever on coronavirus fears". CNBC. Archived from the original on 12 March 2020.
  180. ^ Aslam, Naeem (12 March 2020). "The Bear Market Is Here! Fastest Plunge Of 20% On Record". Forbes. Retrieved 15 March 2020.
  181. ^ Imbert, Fred; Franck, Thomas (12 March 2020). "Dow plunges 10% amid coronavirus fears for its worst day since the 1987 market crash". CNBC. Archived from the original on 12 March 2020.
  182. ^ Culp, Stephen (12 March 2020). "Wall Street plunges, bringing record bull run to an end". Reuters. Retrieved 12 March 2020.
  183. ^ Stevens, Pippa (12 March 2020). "Oil drops as much as 8%, on pace for worst week in more than a decade". CNBC. Archived from the original on 12 March 2020.
  184. ^ Smith, Elliot; Li, Yun (12 March 2020). "10-year Treasury yield rises even as stocks tumble into bear market". CNBC. Archived from the original on 12 March 2020.
  185. ^ "Coronavirus: FTSE 100, Dow, S&P 500 in worst day since 1987". BBC. 12 March 2020. Archived from the original on 12 March 2020. Retrieved 13 March 2020.
  186. ^ "Canadian stock market bloodbath: Worst one-day fall in 80 years". Toronto Star. 12 March 2020. Archived from the original on 13 March 2020. Retrieved 12 March 2020.
  187. ^ "Borse, Piazza Affari chiude a −16,92%. E' il peggior crollo di sempre". Affaritaliani.it (in Italian). 12 March 2020. Archived from the original on 23 March 2020. Retrieved 12 March 2020.
  188. ^ "European Markets Plummet On Trump's Travel Ban". NASDAQ. RTTNews. 12 March 2020. Archived from the original on 23 March 2020. Retrieved 13 March 2020.
  189. ^ "Ibovespa ameniza queda e recua 14% após anúncio de estímulos do Fed; dólar sobe a R$4,84". InfoMoney (in Brazilian Portuguese). 12 March 2020. Retrieved 12 March 2020.
  190. ^ "Ibovespa cai 14,8% e tem seu pior pregão desde 1998; dólar sobe a R$4,78". InfoMoney (in Brazilian Portuguese). 12 March 2020. Retrieved 12 March 2020.
  191. ^ "Markets: Sensex slumps 2,919 pts, Nifty at 33-mth low in biggest 1-day fall". Business Standard. Business Standard Ltd. 12 March 2020. Archived from the original on 13 March 2020. Retrieved 15 March 2020.
  192. ^ Changole, Adelaide (12 March 2020). "JSE stocks plunge the most since 1997 in 'panic' sell-off". Moneyweb. African Media Entertainment. Archived from the original on 23 March 2020. Retrieved 15 March 2020.
  193. ^ "Merval suffers another rout fuelled by Covid-19 pandemic". Buenos Aires Times. 12 March 2020. Archived from the original on 23 March 2020. Retrieved 15 March 2020.
  194. ^ "Colombia's central bank holds extraordinary meeting amid sharp fall in peso". Reuters. 12 March 2020. Archived from the original on 23 March 2020. Retrieved 12 March 2020.
  195. ^ "Dólar en Colombia alcanzó este jueves una cifra histórica de $4.034". Caracol Radio (in Spanish). 12 March 2020. Archived from the original on 22 March 2020. Retrieved 12 March 2020.
  196. ^ "Dólar alcanza máximo histórico de 22.98 pesos en la madrugada". El Universal (in Spanish). 12 March 2020. Retrieved 12 March 2020.
  197. ^ "Coronavirus: Saudi Central Bank announces 50 billion riyal package". Gulf News. Al Nisr Publishing. 14 March 2020. Retrieved 15 March 2020.
  198. ^ Maeko, Thando (15 March 2020). "Ramaphosa pledges Covid-19 economic stimulus package". Mail & Guardian. M&G Media Ltd. Retrieved 17 March 2020.
  199. ^ Liesman, Steve (15 March 2020). "Federal Reserve cuts rates to zero and launches massive $700 billion quantitative easing program". CNBC. Retrieved 15 March 2020.
  200. ^ "Fed cuts interest rates to near zero, coordinates with other central banks to combat coronavirus". Reuters. 15 March 2020. Retrieved 15 March 2020.
  201. ^ "Federal Reserve issues FOMC statement" (PDF). Federal Reserve Board. 15 March 2020. Retrieved 17 March 2020.
  202. ^ Menton, Jessica. "Stocks poised for plunge Monday as Dow futures drop 1,000 points despite Fed rate cut to zero". USA Today. Archived from the original on 16 March 2020. Retrieved 16 March 2020.
  203. ^ Huang, Eustance (16 March 2020). "Australia stocks drop nearly 10% as Asia markets tumble; Fed cuts rates to zero". CNBC. Archived from the original on 16 March 2020. Retrieved 16 March 2020.
  204. ^ Smith, Elliot; Ellyatt, Holly (16 March 2020). "European stocks close down 5%, travel stocks tank 10% as EU proposes flight restrictions". CNBC. Archived from the original on 16 March 2020. Retrieved 16 March 2020.
  205. ^ Hutchens, Gareth; Chalmers, Stephanie (16 March 2020). "ASX 200 posts biggest fall on record, Reserve Bank flags further measures amid coronavirus fears". ABC News. Archived from the original on 16 March 2020. Retrieved 16 March 2020.
  206. ^ Imbert, Fred (16 March 2020). "Dow drops nearly 3,000 points, as coronavirus collapse continues; worst day since '87". CNBC. Archived from the original on 16 March 2020. Retrieved 16 March 2020.
  207. ^ Stevens, Pippa (16 March 2020). "Oil drops nearly 10%, breaking below $29 as demand evaporates". CNBC. Archived from the original on 17 March 2020. Retrieved 16 March 2020.
  208. ^ Li, Yun; Smith, Elliot (16 March 2020). "10-year Treasury yield falls below 0.8% after Fed's emergency move to cut rates to zero". CNBC. Archived from the original on 16 March 2020. Retrieved 16 March 2020.
  209. ^ "Stock Market Volatility Tops Financial Crisis With VIX at Record". Bloomberg. 16 March 2020. Archived from the original on 18 March 2020. Retrieved 17 March 2020.
  210. ^ Li, Yun (16 March 2020). "Wall Street's fear gauge closes at highest level ever, surpassing even financial crisis peak". CNBC. Archived from the original on 17 March 2020. Retrieved 17 March 2020.
  211. ^ Cox, Jeff (16 March 2020). "Fed says it will offer an additional $500 billion in overnight repo funding markets". CNBC. Archived from the original on 16 March 2020. Retrieved 16 March 2020.
  212. ^ Akhlas, Adrian Wail (16 March 2020). "Indonesia deploys second stimulus amid market, rupiah routs". The Jakarta Post. PT Niskala Media Tenggara. Archived from the original on 17 March 2020. Retrieved 16 March 2020.
  213. ^ "Turkish central bank lowers remuneration rate on required reserves -bankers". Reuters. 16 March 2020. Archived from the original on 18 March 2020. Retrieved 16 March 2020.
  214. ^ "BOJ ramps up risky asset buying as central banks fight coronavirus fallout". The Japan Times. News2u Holdings, Inc. 16 March 2020. Archived from the original on 17 March 2020. Retrieved 16 March 2020.
  215. ^ Kollmeyer, Barbara (7 February 2020). "Russian ruble falls as central bank cuts key rate by 25 basis points to 6%". MarketWatch. Retrieved 5 March 2020.
  216. ^ Ostroukh, Andrey; Fabrichnaya, Elena (16 March 2020). "Russia seen holding key rate at 6% on Friday amid coronavirus, low oil". Reuters. Archived from the original on 17 March 2020. Retrieved 16 March 2020.
  217. ^ "Bank of Korea slashes rate in emergency move after US Fed cut". The Straits Times. 16 March 2020. Archived from the original on 17 March 2020. Retrieved 16 March 2020.
  218. ^ Sanyal, Shreyashi (16 March 2020). "Emerging Markets – Latam FX caught in virus-driven rout; Chile central bank cuts rates". Reuters. Archived from the original on 16 March 2020. Retrieved 17 March 2020.
  219. ^ Menon, Praveen (15 March 2020). "New Zealand central bank slashes rates at emergency meeting as coronavirus worsens". Reuters. Retrieved 30 March 2020.
  220. ^ Komuves, Anita; Hovet, Jason (16 March 2020). "CEE Markets – Assets fall even as central banks act to fight virus impact". Reuters. Retrieved 31 March 2020.
  221. ^ World Bank (9 April 2020). "COVID-19 (Coronavirus) Drives Sub-Saharan Africa Toward First Recession in 25 Years". World Bank. Retrieved 24 April 2020.
  222. ^ "Coronavirus: World Bank predicts sub-Saharan Africa recession". BBC News. Retrieved 5 June 2020.
  223. ^ Villamil, Justin (18 May 2020). "China May Agree to Delay, Not Forgive, $150 Billion Africa Debt". Yahoo Finance. Retrieved 18 May 2020.
  224. ^ He, Laura (19 June 2020). "China is promising to write off some loans to Africa. It may just be a drop in the ocean". CNN. Retrieved 19 June 2020.
  225. ^ a b c d e f "Policy Responses to COVID19". IMF. Retrieved 9 April 2020.
  226. ^ a b "Egypt chose a looser lockdown. Its economy is still in crisis". The Economist. ISSN 0013-0613. Retrieved 26 May 2020.
  227. ^ a b "Namibia GDP to Shrink Most Since 1991 Independence This Year". BloombergQuint. 28 April 2020. Retrieved 6 May 2020.
  228. ^ Nakale, Albertina (15 April 2020). "Tourism plunges over coronavirus". New Era Live. Retrieved 6 May 2020.
  229. ^ a b "Zambia was already a case study in how not to run an economy". The Economist. ISSN 0013-0613. Retrieved 18 May 2020.
  230. ^ "Argentina entró en default: por qué a pesar del "default selectivo" muchos son optimistas sobre el futuro de la deuda del país". BBC. Retrieved 26 June 2020.
  231. ^ "Vicentin, una empresa en concurso de acreedores con una deuda de 1.350 millones de dólares". Télam. Retrieved 9 June 2020.
  232. ^ "Brazil govt cuts 2020 GDP forecast to −4.7%, the biggest fall since 1900". Reuters. 13 May 2020. Retrieved 19 May 2020.
  233. ^ "Queda de 1,5% do PIB no primeiro trimestre põe economia brasileira ao nível de 2012". Agência do Rádio Mais (in Portuguese). 1 June 2020. Archived from the original on 3 June 2020. Retrieved 3 June 2020.
  234. ^ "Mais de 600 mil pequenas empresas fecharam as portas com coronavírus" (in Portuguese). 9 April 2020. Retrieved 24 July 2020.
  235. ^ "Com pandemia, PIB de São Paulo cresce 0,4% em 2020" (in Portuguese). 4 March 2021. Retrieved 10 May 2021.
  236. ^ "Recent Developments in the Canadian Economy, 2020: COVID-19, first edition". Statistics Canada. 26 May 2020. Retrieved 27 May 2020.
  237. ^ "Benefits, credits and financial support: CRA and COVID-19". Canada Revenue Agency. 16 August 2016. Retrieved 27 May 2020.
  238. ^ "Canadian economy adds 953,000 jobs in June, unemployment rate falls". CTV News. 10 July 2020. Retrieved 30 July 2020.
  239. ^ a b c Gladstone, Rick (22 April 2020). "Oil Collapse and Covid-19 Create Toxic Geopolitical Stew". The New York Times. ISSN 0362-4331. Retrieved 23 April 2020.
  240. ^ a b "Mexico's bazooka-shy president". The Economist. ISSN 0013-0613. Retrieved 23 April 2020.
  241. ^ "The 6 Latin American economies that shrunk the most in 2020 (In spanish)". BBC. December 2020.[permanent dead link]
  242. ^ "Business Cycle Dating Committee Announcement July 19, 2021". NBER. 19 July 2021.
  243. ^ "US Business Cycle Expansions and Contractions". NBER.
  244. ^ "A closely followed recession indicator is flashing its most worrying sign in 12 years | Markets Insider". Business Insider. May 2019. Archived from the original on 30 September 2019.
  245. ^ "U.S. Yield Curve Inverts for the First Time Since March". Bloomberg L.P. May 2019.
  246. ^ Rushe, Dominic; Sainato, Michael (9 April 2020). "US unemployment rises 6.6m in a week as coronavirus takes its toll". The Guardian. ISSN 0261-3077. Retrieved 10 April 2020.
  247. ^ Yglesias, Matthew (26 March 2020). "Chart: New unemployment claims soar to 3.3 million, shattering previous records". Vox. Retrieved 27 March 2020.
  248. ^ "U.S. Jobs Report Shows Clearest Data Yet on Economic Toll: Live Updates". The New York Times. 8 May 2020. Retrieved 8 May 2020.
  249. ^ "Almost 3 million workers likely filed jobless claims last week as record unemployment grows". Economic Preview. 13 May 2020.
  250. ^ "The Employment Situation – April 2020" (PDF). Bureau of Labor Statistics. 12 May 2020. Archived (PDF) from the original on 8 May 2020. Retrieved 12 May 2020.
  251. ^ a b c "Current Unemployment Rates for States and Historical Highs/Lows". U.S. Bureau of Labor Statistics. Retrieved 15 February 2021.
  252. ^ "Part-time jobs accounted for 40% of US job growth in May". Quartz Media. 9 June 2020.
  253. ^ Molla, Rani (16 March 2020). "Chart: How coronavirus is devastating the restaurant business". Vox. Retrieved 26 March 2020.
  254. ^ Gilbertson, Dawn. "American Airlines cuts 55,000 flights, parks 450 planes amid coronavirus: 'Fight of our lives'". USA Today. Retrieved 26 March 2020.
  255. ^ Valdes-Dapena, Peter; Yurkevich, Vanessa. "GM, Ford and other automakers to halt production in the US". CNN. Retrieved 26 March 2020.
  256. ^ Wiseman, Paul (19 May 2020). "US home construction drops 30.2% in April as virus rages". Yahoo Finance. Retrieved 19 May 2020.
  257. ^ "Millions Have Lost Health Insurance in Pandemic-Driven Recession". The New York Times. 13 July 2020.
  258. ^ "5.4 million Americans have lost their health insurance. What to do if you're one of them". CNBC. 14 July 2020.
  259. ^ "The St. Louis Fed's Financial Stress Index, Version 2.0 | FRED Blog". 26 March 2020. Archived from the original on 27 March 2020. The revised STLFSI, however, has increased sharply—reminiscent of the worst of the financial market turmoil during the Great Recession in 2008–2009—registering a value close to 5.8.
  260. ^ "St. Louis Fed Financial Stress Index (STLFSI2)". FRED, Federal Reserve Bank of St. Louis. 26 March 2020. Archived from the original on 27 March 2020.
  261. ^ "US consumer spending plunges 7.5% in March, reflecting virus". CNBC. 30 April 2020. Retrieved 30 April 2020.
  262. ^ Hughes, Siobhan; Andrews, Natalie (27 March 2020). "House Passes $2 Trillion Coronavirus Stimulus Package". The Wall Street Journal. ISSN 0099-9660.
  263. ^ "Interim economic projections for 2020 and 2021". cbo.gov. 19 May 2020. Retrieved 30 May 2020.
  264. ^ Iacurci, Greg (January 2021). "The legacy of 2020: Riches for the wealthy, well educated and often White, financial pain for others". CNBC. Retrieved 6 May 2023.
  265. ^ DeParle, Jason (15 October 2020). "8 Million Have Slipped Into Poverty Since May as Federal Aid Has Dried Up". The New York Times. Retrieved 6 May 2023.
  266. ^ Reinicke, Carmen (30 July 2020). "US GDP plunged by a record 33% annual rate in the 2nd quarter as coronavirus lockdowns raged". Business Insider. Retrieved 31 July 2020.
  267. ^ "Latinoamérica encara su peor recesión por la pandemia que le deja ya 23.000 muertes". efe.com. 29 May 2023.
  268. ^ a b "Coronavirus en América Latina: los países en que se prevén las mayores caídas económicas este año (y los que serán menos golpeados)". BBC. 21 July 2020.
  269. ^ "América Latina entraría en recesión y Panamá no se escapa | La Prensa Panamá". prensa.com. 13 April 2020.
  270. ^ "La crisis económica derivada de la pandemia podría reavivar las protestas en Latinoamérica". France 24. 26 June 2020.
  271. ^ "Latinoamérica afrontará peor recesión por pandemia". Deutsche Welle.
  272. ^ "América Latina sufrirá la mayor recesión económica de su historia por el coronavirus". Noticias ONU. 21 April 2020.
  273. ^ "COVID-19 deja un hueco de $5,800 millones en Panamá". laestrella.com (in Spanish). 27 March 2020.
  274. ^ Melo-Vega-Angeles, Oscar; Chuquillanqui-Lichardo, Bryan (24 July 2023). "The Impact of COVID-19 on the Volatility of Copper Futures". Economies. 11 (7): 200. doi:10.3390/economies11070200. ISSN 2227-7099.
  275. ^ Butler, Ben (8 January 2020). "Economic impact of Australia's bushfires set to exceed $4.4bn cost of Black Saturday". The Guardian. ISSN 0261-3077. Retrieved 15 April 2020.
  276. ^ Taylor, David (4 December 2019). "'80 per cent of the economy is going backwards', and that's likely to continue for some time". ABC News. Retrieved 15 April 2020.
  277. ^ Hutchens, Gareth (14 April 2020). "IMF says Australia's economy will shrink by 6.7 per cent this year". ABC News. Retrieved 15 April 2020.
  278. ^ "Unemployment rate predicted to reach 10 per cent amid coronavirus pandemic, pushing Australia into recession". MSN. Retrieved 15 April 2020.
  279. ^ "Top water expert predicts rice shortage". 9now.nine.com.au. Retrieved 15 April 2020.
  280. ^ "Australia to see 25-year high in unemployment: Report". aa.com.tr. Retrieved 15 April 2020.
  281. ^ Ormsby, Grace (14 April 2020). "Treasury expects 10% unemployment". nestegg.com.au. Retrieved 15 April 2020.
  282. ^ "Scott Morrison says JobSeeker payment will be cut after pandemic". SBS World News. 23 April 2020.
  283. ^ Henriques-Gomes, Luke (24 March 2020). "Newly unemployed Australians queue at Centrelink offices as MyGov website crashes again". The Guardian. ISSN 0261-3077. Retrieved 26 March 2020.
  284. ^ Bonyhady, Nick (25 March 2020). "'Surge in demand': 280,000 ask Centrelink for help in one day". The Sydney Morning Herald. Retrieved 26 March 2020.
  285. ^ "Unemployment rate falls but job seekers say finding work is still 'really hard'". ABC News. 23 September 2020.
  286. ^ "Unemployment falls again, Treasurer says Australians can be 'confident' about the future". 9 News. 15 April 2021.
  287. ^ "Australian National Accounts: National Income, Expenditure and Product, September 2020". abs.gov.au. Australian Bureau of Statistics. 12 February 2020. Retrieved 28 March 2021.
  288. ^ "Why Bangladesh's GDP is projected to grow despite COVID-19". The Financial Express. Retrieved 29 March 2023.
  289. ^ a b c Ramachandran, Sudha. "The COVID-19 Catastrophe in Bangladesh". thediplomat.com. Retrieved 19 May 2020.
  290. ^ Bradsher, Keith (16 April 2020). "China's Economy Shrinks, Ending a Nearly Half-Century of Growth". The New York Times. ISSN 0362-4331. Retrieved 22 April 2020.
  291. ^ "China's Hubei, Epicentre of Coronavirus Outbreak, Posts First-Quarter GDP Slump". The New York Times. Reuters. Archived from the original on 23 April 2020. Retrieved 22 April 2020.
  292. ^ "South China Morning Post – China GDP: Beijing abandons 2020 economic growth target, Premier Li Keqiang confirms at NPC". South China Morning Post. 22 May 2020. Archived from the original on 22 May 2020.
  293. ^ "China's third-quarter GDP grows 4.9% year-on-year, misses expectations". Reuters. 19 October 2020.
  294. ^ Laura He (19 October 2020). "China's economic recovery gains even more momentum". CNN.
  295. ^ Hansen, Sarah. "China's Economy Continues Rebound With 4.9% Growth In Third Quarter". Forbes.
  296. ^ "China's factory recovery steps up as export, consumer demand grows". Reuters. 15 December 2020. Retrieved 27 December 2020.
  297. ^ "China set to surpass U.S. as world's biggest economy by 2028, says report". CNBC. 26 December 2020. Retrieved 27 December 2020.
  298. ^ "China to leapfrog U.S. as world's biggest economy by 2028: think tank". Reuters. 26 December 2020. Retrieved 27 December 2020.
  299. ^ "China Is the Only Major Economy to Report Economic Growth for 2020". 18 January 2021.
  300. ^ "China's economy grows 18.3% in post-Covid comeback". BBC News. 16 April 2021. Retrieved 3 April 2022.
  301. ^ He, Laura (16 May 2022). "Covid has hit China's economy harder than expected". CNN. Retrieved 16 May 2022.
  302. ^ a b "'코로나 충격'... 경기 침체에 빠진 한국, South Korea in Corona-Shocked Recession". BBC News 코리아 (in Korean). Retrieved 11 April 2021.
  303. ^ "COVID-19: Reserve Bank Reduce Overnight Policy Rate". Retrieved 26 June 2020.
  304. ^ "Fiji's central bank forecasts recession in domestic economy". FijiTimes. 31 March 2020. Retrieved 26 June 2020.
  305. ^ "Fijian economy expected to contract further says RBF". Fiji Broadcasting Corporation. Retrieved 26 June 2020.
  306. ^ Noronha, Gaurav (14 April 2020). "IMF projects India's growth rate at 1.9% in 2020, forecasts global recession due to COVID-19". The Economic Times. Retrieved 26 April 2020.
  307. ^ Dhasmana, Indivjal (14 April 2020). "India to grow at 1.9% in FY21, recover to 7.4% path in 2021–22: IMF". Business Standard India. Retrieved 26 April 2020.
  308. ^ "India, China to register positive growth rate despite Coronavirus: IMF | DD News". ddnews.gov.in. Retrieved 26 April 2020.
  309. ^ "ESTIMATES OF GROSS DOMESTIC PRODUCT FOR THE FIRST QUARTER (APRIL-JUNE) OF 2020–21". Government of India. Retrieved 31 August 2020.
  310. ^ "Iraq Overview". World Bank. Retrieved 26 April 2022.
  311. ^ "Japan's Q4 GDP downgraded to annualized 7.1% contraction". Nikkei Asian Review. 9 March 2020. Archived from the original on 23 July 2020. Retrieved 20 April 2020.
  312. ^ "Real-Time Northwest Pacific Ocean Statistics compared with climatology". Tropical.atmos.colostate.edu. Retrieved 20 April 2020.
  313. ^ "Abe unveils 'massive' coronavirus stimulus worth 20% of GDP". The Japan Times. 6 April 2020. Retrieved 20 April 2020.
  314. ^ "Data Series". Bdl.gov.lb. Archived from the original on 10 July 2020. Retrieved 23 April 2020.
  315. ^ "Lebanon's GDP declines to $44 billion from $55 billion | Business, Local". The Daily Star. 11 March 2020. Archived from the original on 8 July 2020. Retrieved 23 April 2020.
  316. ^ "With hundreds of thousands of migrants predicted to return home, Nepal needs to brace for a crisis". kathmandupost.com. Retrieved 24 April 2020.
  317. ^ Walls, Jason (14 April 2020). "Jobless rate could reach 26% if lockdown extended, according to the Treasury". The New Zealand Herald. ISSN 1170-0777. Archived from the original on 31 August 2020. Retrieved 16 May 2020.
  318. ^ "Coronavirus: Treasury models paint dire economic picture, mass unemployment | Stuff.co.nz". 13 April 2020. Archived from the original on 13 April 2020. Retrieved 16 May 2020.
  319. ^ "Unemployment rate | Stats NZ". 16 May 2020. Archived from the original on 16 May 2020. Retrieved 16 May 2020.
  320. ^ Hargreaves, David (5 August 2020). "Statistics New Zealand says unemployment rate actually FELL to 4%, but the 'underutilisation' rate had a record climb, up to 12%, employment fell by 11,000 jobs and 37,000 people left the workforce". Interest.co.nz. Archived from the original on 7 August 2020. Retrieved 4 September 2020.
  321. ^ "Covid-19 took 1.6 per cent chunk out of GDP by end of March". Stuff. 17 June 2020. Retrieved 18 June 2020.
  322. ^ "Revealed:New Zealand plunges into recession as economy shrinks record 12%". Deccan Herald. 17 September 2020. Retrieved 17 September 2020.
  323. ^ Pullar-Strecker, Tom (17 September 2020). "NZ in recession as Covid shrinks GDP by 12.2%". Stuff. Stuff Ltd. Retrieved 17 September 2020.
  324. ^ Venzon, Cliff (7 May 2020). "Coronavirus snaps Philippines' 21-year growth streak". Nikkei Asia Review. Retrieved 9 May 2020.
  325. ^ Venzon, Cliff (6 August 2020). "Philippines plunges into recession as economy shrinks 16.5% in Q2". Nikkei Asia Review. Retrieved 13 August 2020.
  326. ^ Cigaral, Ian Nicolas (12 August 2020). "After entering recession, Philippines set for record collapse this year". The Philippine Star. Retrieved 13 August 2020.
  327. ^ "PH posts worst GDP contraction since World War 2 with −9.5 pct growth in 2020". ABS-CBN News. 28 January 2021. Retrieved 28 January 2021.
  328. ^ "Singapore property investment sales take coronavirus hit with 37% Q1 drop: Report". The Straits Times. 13 April 2020. Retrieved 28 April 2020.
  329. ^ "Singapore will enter a recession this year, 'significant uncertainty' over duration and intensity: MAS". CNA. Archived from the original on 20 June 2020. Retrieved 28 April 2020.
  330. ^ "Total employment falls by 19,900 in first quarter, sharpest contraction since Sars: MOM". Today. Singapore. Retrieved 30 April 2020.
  331. ^ "Singapore Airlines posts first annual net loss in 48-year history after COVID-19 cripples demand". CNA. Archived from the original on 16 July 2020. Retrieved 14 May 2020.
  332. ^ a b Amaro, Silvia (23 April 2020). "European business activity crashes to 'shocking' lows on coronavirus pandemic". CNBC. Retrieved 24 April 2020.
  333. ^ The World Bank. "GDP growth (annual %) – Armeni". data.worldbank.org. Retrieved 11 December 2021.
  334. ^ Willsher, Kim (13 April 2020). "France to remain in strict lockdown for another month". The Guardian. ISSN 0261-3077. Retrieved 15 April 2020.
  335. ^ "French economy enters recession with 6% drop in first quarter, its worst since 1945". France 24. 8 April 2020. Retrieved 9 April 2020.
  336. ^ "Nokia: le gouvernement dénonce un plan social " inacceptable en l'état "". Le Monde (in French). 8 July 2020. Retrieved 10 July 2020.
  337. ^ a b c "La seconde vague, celle des plans sociaux, touche la France". Le Monde (in French). 8 July 2020. Retrieved 10 July 2020.
  338. ^ "Menace de plan social: les salariés de Derichebourg, sous-traitant d'Airbus, manifestent à Toulouse". France 3 Occitanie (in French). 2 June 2020. Retrieved 10 July 2020.
  339. ^ a b "Deux tiers des emplois supprimés chez TUI France: les syndicats dénoncent le "pire plan social de l'histoire"" (in French). BFMTV. Retrieved 10 July 2020.
  340. ^ "Italy: COVID-19 impact on unemployment rate 2020–2021". Statista. Retrieved 10 April 2020.
  341. ^ "Italy: fear of losing the job due to coronavirus 2020". Statista. Retrieved 10 April 2020.
  342. ^ Pizzoli, Paolo. "Italy tumbles into a technical recession". ING Think. Retrieved 16 May 2020.
  343. ^ "Coronavirus: UK interest rates cut to lowest level ever". BBC News. 19 March 2020. Retrieved 19 March 2020.
  344. ^ "Quantitative Easing". Bank of England. Retrieved 16 April 2020.
  345. ^ "Highlights: UK's Sunak goes all out to avert economic collapse". Reuters. 20 March 2020. Retrieved 16 April 2020.
  346. ^ Burgess, Matt (11 May 2020). "When will lockdown end? The UK's new lockdown rules, explained". Wired. Retrieved 11 May 2020.
  347. ^ Giles, Chris; Georgiadis, Philip (9 April 2020). "Bank of England to directly finance UK government's extra spending". Financial Times. Retrieved 11 May 2020.
  348. ^ Giles, Chris (11 May 2020). "Coronavirus hit household spending much harder than BoE assumed". Financial Times. Retrieved 11 May 2020.
  349. ^ Romei, Valentina (5 May 2020). "UK business activity drops to lowest level on record". Financial Times. Retrieved 10 May 2020.
  350. ^ Elliott, Larry (4 May 2020). "Nearly a quarter of British employees furloughed in last fortnight". The Guardian. Retrieved 11 May 2020.
  351. ^ Giles, Chris (7 May 2020). "BoE warns UK set to enter worst recession for 300 years". Financial Times. Retrieved 7 May 2020.
  352. ^ "Gross Domestic Product: Quarter on Quarter growth: CVM SA %". Office for National Statistics. 31 March 2020. Retrieved 10 May 2020.
  353. ^ Elliott, Larry (13 May 2020). "Britain is facing 'significant recession', says Rishi Sunak". The Guardian. Retrieved 13 May 2020.
  354. ^ Toh, Michelle (3 August 2020). "HSBC posts sharp fall in profits and warns of 'challenging' US-China tensions". CNN. Retrieved 3 August 2020.
  355. ^ Szu Ping Chan; Plummer, Robert (12 August 2020). "UK officially in recession for first time in 11 years". BBC News. Retrieved 12 August 2020.
  356. ^ "Data shows collapse of UK food and drink exports post-Brexit". TheGuardian.com. 22 March 2021. Retrieved 23 March 2021.
  357. ^ "Scotland's whisky islands are dealing with a major Covid hangover". CNN. 10 October 2020. Retrieved 23 March 2021.
  358. ^ "Scotch whisky exports slump to 'lowest in a decade'". BBC News. 12 February 2021. Retrieved 23 March 2021.
  359. ^ "Covid: When can I go on holiday abroad or in the UK?". BBC News. 14 May 2020. Retrieved 23 March 2021.
  360. ^ "The global effects of Covid on the UK travel industry". 19 March 2021. Retrieved 23 March 2021.
  361. ^ "Tourism hotspots hit hard by Covid-19 jobs crisis industry". BBC News. 2 March 2021. Retrieved 23 March 2021.
  362. ^ "Thermometers in hand, Dubai opens for tourists amid pandemic". Associated Press. 7 July 2020. Retrieved 7 July 2020.
  363. ^ "Dubai blamed for virus cases abroad; questions swirl at home". Associated Press. 29 January 2021. Retrieved 29 January 2021.
  364. ^ Barbuscia, Davide (30 September 2020). "Saudi unemployment spikes as virus-hit economy shrinks by 7% in second-quarter". Reuters. Retrieved 30 September 2020.
  365. ^ "Saudi Arabia Delays Release of Sensitive Jobless Data Four Times". Bloomberg.com. 21 January 2021. Retrieved 21 January 2021.
  366. ^ Tomaskovic-Devey, Donald T.; Hoyt, Eric; Swerzenski, J. D.; Dominguez-Villegas, Rodrigo (2 April 2020). "How the coronavirus recession puts service workers at risk". The Conversation. Retrieved 7 April 2020.
  367. ^ Wayland, Michael (1 April 2020). "Worst yet to come as coronavirus takes its toll on auto sales". CNBC. Retrieved 10 April 2020.
  368. ^ Phil LeBeau; Noah Higgins-Dunn (18 March 2020). "General Motors, Ford and Fiat Chrysler to temporarily close all US factories due to the coronavirus". CNBC. Retrieved 10 April 2020.
  369. ^ "China coronavirus adds to German automakers' woes". Deutsche Welle. 14 February 2020. Retrieved 10 April 2020.
  370. ^ "US oil prices turn negative as demand dries up". BBC News. 21 April 2020. Retrieved 21 April 2020.
  371. ^ "Record deal to cut oil output ends price war". BBC News. 12 April 2020. Retrieved 21 April 2020.
  372. ^ Cobanoglu, Cihan; Ali, Faizan (21 April 2020). "Global tourism industry may shrink by more than 50% due to the pandemic". The Conversation. Retrieved 18 May 2020.
  373. ^ "Chart: How coronavirus is devastating the restaurant business". 16 March 2020. Archived from the original on 19 March 2020. Retrieved 19 March 2020.
  374. ^ "Coronavirus exposes sick leave gap for retail, restaurant workers". Press Enterprise. 17 March 2020. Archived from the original on 18 March 2020. Retrieved 20 March 2020.
  375. ^ Sick leave National Bureau of Economic Research
  376. ^ a b Jennings, Rebecca (19 April 2020). "Nobody's buying clothes right now. So stores are filing for bankruptcy". Vox. Retrieved 22 April 2020.
  377. ^ a b c Slotnick, David. "Many of the world's airlines could be bankrupt by May because of the COVID-19 crisis, according to an aviation consultancy. These airlines have already collapsed because of the pandemic". Business Insider. Retrieved 21 April 2020.
  378. ^ "Virgin Australia enters voluntary administration". Virgin Australia Newsroom. 21 April 2020. Archived from the original on 23 April 2020. Retrieved 28 April 2020.
  379. ^ "Air Mauritius enters voluntary administration". Travel Weekly. 27 April 2020. Retrieved 28 April 2020.
  380. ^ "Alitalia chiude, oggi l'ultimo volo da Cagliari per Roma (Ma è in ritardo di venti minuti)". 14 October 2021.
  381. ^ "The coronavirus may sink the cruise-ship business". The Economist. ISSN 0013-0613. Retrieved 7 April 2020.
  382. ^ The impact of COVID-19 on women: UN Secretary-General's policy brief Archived 27 November 2020 at the Wayback Machine. 9 April 2020.
  383. ^ George J. Borjas; Hugh Cassidy. 2020. The Adverse Effect of the COVID-19 Labor Market Shock on Immigrant Employment. NBER Working paper 27243.
  384. ^ Harvey, Fiona (21 April 2020). "Coronavirus pandemic 'will cause famine of biblical proportions'". The Guardian. ISSN 0261-3077. Retrieved 29 April 2020.
  385. ^ a b "World risks 'biblical' famines due to pandemic – UN". BBC News. 21 April 2020. Retrieved 29 April 2020.
  386. ^ a b c "2020 GLOBAL REPORT ON FOOD CRISES". WFP. 22 April 2020.
  387. ^ Picheta, Rob. "Coronavirus pandemic will cause global famines of 'biblical proportions,' UN warns". CNN. Retrieved 29 April 2020.
  388. ^ a b Harvey, Fiona (9 April 2020). "Coronavirus could double number of people going hungry". The Guardian. ISSN 0261-3077. Retrieved 29 April 2020.
  389. ^ Ahmed, Kaamil (9 July 2020). "Hunger could kill millions more than Covid-19, warns Oxfam". The Guardian. ISSN 0261-3077. Retrieved 9 July 2020.
  390. ^ a b "12,000 people per day could die from Covid-19 linked hunger by end of year, potentially more than the disease, warns Oxfam". Oxfam International. 9 July 2020. Retrieved 9 July 2020.
  391. ^ Special European Council, 17–21 July 2020 – Main results Retrieved 15 November 2020.
  392. ^ de Vera, Ben (26 September 2020). "Bayanihan 2 raises COVID-19 response fund to $21.45B". Philippine Daily Inquirer. Retrieved 22 October 2020.
  393. ^ "Putin approves Cabinet's plan as basis for economic recovery". Retrieved 2 June 2020.
  394. ^ "EUR 5.1 billion to support the Serbian economy". 1 April 2020.