From the Overview: "The World Health Organization (WHO) first declared COVID-19 [coronavirus disease 2019] a world health emergency in January 2020. Since then, the emergency has evolved into a global public health and economic crisis that has affected the $90 trillion global economy beyond anything experienced in nearly a century. [...] Preliminary data also indicate that U.S. GDP [gross domestic product] fell by 9.5% in the second quarter of 2020 from the previous quarter, but at an annualized rate of 33%, the largest quarterly decline in U.S. GDP recorded over the past 70 years.11 In its May 27 Beige Book analysis, the Federal Reserve (Fed) reported that economic activity had fallen sharply in each of the 12 Federal Reserve districts."
CRS Report for Congress, R46270
Congressional Research Service: https://crsreports.congress.gov/