The COVID-19 recession was a sharp global economic downturn triggered by the spread of the coronavirus and by the lockdowns and travel restrictions imposed to contain it. Output and employment collapsed in the spring of 2020, especially in tourism, aviation, hospitality and retail, and many countries recorded the steepest quarterly falls in gross domestic product on record. Stock markets plunged in March before recovering. Governments and central banks responded with unprecedented support, including wage subsidies, direct payments, loan guarantees, interest rate cuts and large asset purchases. Although the recession was among the deepest in modern history, it was also unusually short in many economies, and it was followed by a recovery marked by supply-chain disruptions and a surge in inflation in 2021 and 2022.
Before and after
- 31 January 2020Brexit
- 31 January 2020COVID-19 pandemic in Sweden
- 31 January 2020COVID-19 pandemic in Russia
- 31 January 2020COVID-19 pandemic in Spain
- February 2020COVID-19 recession
- 25 February 2020Death of Hosni Mubarak
- 27 February 20202020 Balyun airstrikes
- from 29 February 2020 to 1 March 2020COVID-19 pandemic in Venezuela
- 1 March 2020COVID-19 pandemic in the Czech Republic
More in Society, economy & sport
- 1945Founding of International Court of Justice
- 27 December 1945Founding of World Bank
- 15 June 1954Founding of Union of European Football Associations
- 14 September 1960Founding of Organization of the Petroleum Exporting Countries
- 8 December 1991Founding of Commonwealth of Independent States
- 4 February 2004Founding of Facebook
The era
This moment belongs to the Contemporary world (1945 CE to today), the world since 1945. You can also browse everything in the 21st century.