ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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The 2020 Recession

Was COVID-19 the Cause?

The global economy experienced one of the worst recessions in 2020, and there is a growing concern that another recession is impending. While it is widely understood that the 2020 recession was caused by a random external shock, this article argues that the recession was due, irrespective of the COVID-19 pandemic. It was structural and endogenous to the system. The underlying weakness of the global economy was built over the years, making it vulnerable to any shock to trigger a downturn. It had also reached the tipping point from the cyclical point of view, with the passing of 11 years since the previous 2007−09 global recession.

The global economy experienced one of the worst recessions in history in 2020.1

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Updated On : 13th Feb, 2024
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