COVID-19. Economic Impact and Recession
Economic Impact and Recession
This timeline highlights the significant economic effects and recession caused by the COVID-19 pandemic.
Late 2019
Economic Consequences Begin
The economic aspects of the COVID-19 recession started to materialize, including impacts on global trade and financial markets.
February 20, 2020
2020 Stock Market Crash
The stock market crash began, marking a significant economic downturn due to the pandemic.
March 27, 2020
CARES Act Signed
The largest economic stimulus legislation in American history, the CARES Act, was signed into law to combat the economic effects of the pandemic.
April 2020
Unemployment and Economic Contraction
The unemployment rate in the U.S. increased from 3.5% in February to 14.7%, and real GDP was forecast to fall at a nearly 38% annual rate in the second quarter.
2020-2022
Global Economic Contraction and Recovery
The pandemic caused a 7% drop in global commercial commerce in 2020, with significant impacts on various sectors and a gradual recovery in subsequent years.
