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The COVID-19 recession, also referred to as the Great Lockdown, is 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 2021–2022 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 2022 Russian invasion of Ukraine and the 2022 Russian debt default.[26]

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COVID-19 recession - Wikipedia
isons Religion Catholic Church Hajj Science and technology Social media Strikes Suicides Telehealth Xenophobia and racism Society Ireland Malaysia New Zealand Russia UK US COVID-19 portal v t e <span>The COVID-19 recession, also referred to as the Great Lockdown, is 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 2021–2022 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 2022 Russian invasion of Ukraine and the 2022 Russian debt default.[26] Contents 1 Background 1.1 Corporate debt bubble 1.2 2019 global economic slowdown 1.2.1 China–United States trade war 1.2.2 Brexit 1.3 Aggravating circumstances 1.3.1 Evergrande liquidi


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