COVID-19 recession (新型冠状病毒肺炎经济衰退 xīn xíng guān zhuàng bìng dú fèi yán jīng jì shuāi tuì) refers to a global economic recession caused by the massive shock of the coronavirus pandemic. The global health and economic emergency hit domestic demand and supply, trade, and finance and led to lockdown, causing severe economic shrink and cyclical unemployment. The rebound recovery and long-term scope of the economy need to be considered concerning the virus’s progression and corresponding policy response.
Part 1: Breakdown of Words
- “COVID-19” (新型冠状病毒肺炎 xīn xíng guān zhuàng bìng dú fèi yán or “新冠肺炎” xīn guān fèi yán for short) is the abbreviation of “Corona Virus Disease 2019” (2019冠状病毒病 2019 guān zhuàng bìngdú bìng), an official name of the disease defined by WHO. In March 2020, the World Health Organization (WHO) declared the COVID-19 outbreak a pandemic.
- “Recession” (经济衰退 jīng jì shuāi tuì), as in “the Great Recession” (经济大衰退 jīng jì dà shuāi tuì).
- “Economy” (经济 jīng jì) as in “planned economy” (计划经济 jì huà jīng jì), “open economy” (开放经济 kāi fàng jīng jì), or “economy of scale” (规模经济 guī mó jīng jì).
- “Recession” (衰退 shuāi tuì) derives from: