As per the research and findings of the World Bank, with the outbreak of the global pandemic, most of the countries are expected to face recession in 2020-2021. The income per capita is expected to contract to an extent that has never been witnessed before since the 1870s.
The chances of revival of the economy are completely dependent on the recession of the pandemic which would somewhat allow the domestic mitigations to be lifted by the middle of 2021. One of the most crucial things that the pandemic has highlighted is the immediate need to act on the benefit of public health while protecting the most vulnerable populations. A stage needs to be reached which shows ways to recover from the pandemic.
Should COVID-19 continue to ravage the world and force us to reintroduce restrictions on movements and disrupt businesses, chances of the recession being deeper also increases. The hardest hit has been taken by the developing economies.