Coronavirus recession (Great Shutdown or Lockdown).

The coronavirus recession was a severe economic downturn caused by the extreme measures taken to combat the worldwide COVID-19 pandemic in early 2020. The recession was the result of widespread lockdowns instituted by many nations around the world in an effort to slow the spread of the virus. In some circles, these initial measures were known as the Great Shutdown or Great Lockdown, which imposed movement restrictions on an estimated one-third of the world population at one point in April 2020. The lockdown measures caused many of the world’s largest economies to ground to a halt, reducing economic growth considerably and forcing millions of people out of work. As world health officials searched for a treatment for the virus, millions of people were infected and hundreds of thousands died; meanwhile, one of the worst recessions since the Great Depression gripped much of the global economy.