COVID-19 recession

The worldwide economic downturn that began in 2020 as COVID-19 and measures to contain it disrupted production, trade, and employment.

COVID-19 lockdowns: Government restrictions on movement and activity used to limit COVID-19 transmission. Stay-at-home orders and business closures directly halted many services and workplaces.
Furlough: A temporary leave from work, often with an expectation that employment will resume. Wage-support schemes preserved job matches while businesses were closed or operating at reduced capacity.
COVID-19 recession in the United States: The U.S. economic contraction beginning in February 2020, dated by the National Bureau of Economic Research. The U.S. episode was exceptionally brief by monthly dating but included an abrupt collapse in employment.
Great Recession: The prolonged global economic downturn that followed the 2007–2009 financial crisis. Unlike the COVID-19 recession, it originated in financial-system distress rather than a health emergency.
Monetary policy: Central-bank actions that influence interest rates, credit conditions, and the money supply. Rate cuts and asset purchases supported credit and financial markets during the contraction.
Supply shock: A sudden disruption to the availability or cost of goods, labor, or production inputs. Factory closures and transport disruptions constrained output even where demand remained.
Small business: An independently operated business with a limited scale of employees, revenue, or assets. Closures and reduced foot traffic threatened firms with limited cash reserves.
COVID-19 recession in the United Kingdom: The severe 2020 contraction in United Kingdom economic output during the COVID-19 pandemic. The UK experienced a particularly deep fall in output during its first lockdown.
Great Depression: The severe worldwide economic contraction that began in 1929 and lasted through much of the 1930s. Its depth and duration contrast with the sharp but comparatively brief initial COVID-19 contraction.
Unemployment insurance: A public program that provides temporary income support to eligible people who lose their jobs. Expanded benefits helped replace income after sudden layoffs.

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