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An Update on the Effects of the Pandemic on the Economy

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  • Loretta J. Mester

Abstract

Wishing someone well has taken on new meaning this year. The coronavirus pandemic is a global public health crisis that has inflicted pain and hardship on people all over the world. The pandemic was an unprecedented shock to the economy – the largest in most of our lifetimes. In March, all but essential economic activity shut down when the country took aggressive social distancing measures to limit the spread of the virus and to buy some time for the healthcare system to increase its capacity to care for the sick, learn more about the virus itself, and develop testing and treatments.

Suggested Citation

  • Loretta J. Mester, 2020. "An Update on the Effects of the Pandemic on the Economy," Speech 89396, Federal Reserve Bank of Cleveland.
    • Handle: RePEc:fip:fedcsp:89396
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