The COVID-19 recession was a global economic recession caused by COVID-19 lockdowns. 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. Within seven months, every advanced economy had fallen into recession. February 2020 – April 2020 · 2 months Peak unemployment: 14.7% (April 2020) · GDP: −19.2% S&P 500: −9.7% over the recession The economic effects of the pandemic were severe after the first quarter of 2020. More than 24 million people lost jobs in the United States in just three weeks in April. The economic impact of the virus is still being determined, but the recession was the shortest on record. |} Dates: the National Bureau of Economic Research's business cycle chronology. Wiki link Wiki link