In March 2020, the world faced not only a public health emergency but also one of the most profound shocks to the global economy in the modern era — a shock deeper and broader than any other in eighty years. Never before had virtually all of the world’s economies suffered a contraction at the same time (Tooze, p. 5). Global output decreased by nearly 3.4% in 2020, the largest contraction since the Second World War. The United States saw the largest recorded demand shock in its history (-32.9%), and the unemployment rate peaked around 15% during 2020, higher than at any point during the Great Recession.
Rauterberg, Gabriel and Joshua Younger. "What is the Law’s Role in a Recession?" Review of Law and Macroeconomics: Legal Remedies to Recessions, Harvard Law Review 135, no. 5 (2022): 1351-1395.