A comparison of the present economic natural environment with previous recessions speaks to the severity of the shock created by the pandemic and the world-wide initiatives to consist of it. I use the United States as my example in the illustration down below, but the story is similar all over the planet. The shock to economic growth, and to employment as properly, from pandemic-containment initiatives make even the 2008 world-wide economic crisis look insignificant.
An unprecedented shock to U.S. GDP
Sources: U.S. Bureau of Economic Analysis. April 2020 info issue is Vanguard’s forecast for 2nd-quarter U.S. growth.
Yet comparisons with