From the Document: "COVID-19 [coronavirus disease 2019] is a seismic shock the likes of which have not been seen in living memory. What makes it different? For one, it is a rolling combination of a global health pandemic and an economic crisis that is unfolding at an unprecedented pace. The impact is already devastating at both the human and economic levels, in mutually reinforcing ways. Second, the crisis has turned truly global in record time, to an extent that the 2008 global financial crisis (GFC) became only after half a year or later. The epicenter of the health crisis has shifted from China to Europe and now to the US. But the health and economic consequences are affecting every part of the inhabited world, with rising ferocity. Third, this is both a demand- and supply-side economic shock. The world has seen severe demand shocks (the Great Depression and the GFC) and severe supply shocks (the two World Wars, the Oil Crisis of the 1970s), but rarely the two at same time."
World Bank: https://www.worldbank.org/