**8. Recession during COVID-19**

The slowdown due to COVID-19 is a serious worldwide economic catastrophe that has generated a downturn in many countries and depression in others. It has been considered the worst world economic disaster since the Great Depression [81]. The disaster began because of different government regulations against the production created to inhibit the ongoing outbreak. Significant slowdown symptoms in the collapse of stock markets appeared in late February 2020 and lasted until March 2020 [82–87]. However, the stock market devastation was transitory, and many market indices worldwide revived or established new records by the northern autumn of 2020. By September 2020, every developed economy experienced recession or depression, while all emerging economies were in recession [88–90]. According to the World Bank's anticipation, returning to normalcy would not be accomplished in many countries even by 2025 [91–94].

Due to the COVID-19 pandemic, half of the world population came to a halt to inhibit the spread of COVID-19 [95]. It has caused serious consequences on economies worldwide [96] just after the 2019 world economic slowdown that witnessed the inertia of higher magnitude in the stock markets and consumer activities globally [97, 98].

The slowdown due to the pandemic has caused massive unemployment, inability to sustain unemployment insurance, crashing computer systems, and struggling slow claims processing of the applications [99, 100]. More than 10 million unemployed people were registered in the US by October 2020 [101]. According to the UN forecast conducted in April 2020, the world would see more unemployed people, reducing working hours by nearly seven percent. It has been estimated that nearly 195 million full-time workers lost their jobs [102]. Unemployment, in some countries, was anticipated to reach ten percent; the countries seriously impacted by the COVID-19 outbreak had higher unemployment than before [103–105]. Regarding remittals, even developing countries were not unaffected [106], which exacerbated the global food crisis [107].
