The scope and speed of this downturn are without modern precedent, significantly worse than any recession since World War II. Governments around the world have responded quickly with measures to support workers who have lost income and businesses that have either closed or seen a sharp drop in activity. While the coronavirus economic shock appears to be the largest on record, the fiscal response has also been the fastest and largest response for any post-war downturn. The record shows that deeper and longer recessions can leave behind lasting damage to the productive capacity of the economy. These businesses are a principal source of job creation, something we will need sorely as people seek to return to work.

Source: New York Times May 13, 2020 13:03 UTC