What is the economic crisis
The COVID-19 recession is a global economic recession caused by the COVID-19 pandemic. The recession began in most countries in February 2020.
COVID-19 recession
IMF World Economic Outlook January 2021 Real GDP growth rate (map).svg
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.
Date
February 2020–present
Type
Global recession
Cause
COVID-19 pandemic– liquidity induced market instability and global lockdowns limiting supply
Outcome
2020 stock market crash
Sharp rise in unemployment
Collapse of the tourism industry
Collapse of the hospitality industry
Collapse of the price of oil
Collapse of small businesses
Destabilization and collapse of the energy industry
Increase in government debt
Increase in economic inequality between rich and poor
Major downturn in consumer activity
Market liquidity crisis
Protests, riots and civil unrest
Trade disruption & shortages
Increased inflation
2022 stock market decline