The 2020 Recession: Was COVID-19 the Cause?

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  • Economic and Political Weekly Vol.59; No.6 - 10 Feb. 2024 pp. 15-20
Subject(s): Online resources: Summary: The global economy experienced one of the worst recessions in 2020, and there is a growing concern that another recession is impending. While it is widely understood that the 2020 recession was caused by a random external shock, this article argues that the recession was due, irrespective of the COVID-19 pandemic. It was structural and endogenous to the system. The underlying weakness of the global economy was built over the years, making it vulnerable to any shock to trigger a downturn. It had also reached the tipping point from the cyclical point of view, with the passing of 11 years since the previous 2007−09 global recession.
Item type: Journal Articles
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The global economy experienced one of the worst recessions in 2020, and there is a growing concern that another recession is impending. While it is widely understood that the 2020 recession was caused by a random external shock, this article argues that the recession was due, irrespective of the COVID-19 pandemic. It was structural and endogenous to the system. The underlying weakness of the global economy was built over the years, making it vulnerable to any shock to trigger a downturn. It had also reached the tipping point from the cyclical point of view, with the passing of 11 years since the previous 2007−09 global recession.

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