Yes, COVID-19 might be the reason for the upcoming recession. This is due to the manufacturing, tourism slowdown and share market crash going to it's all time low situation.
Brief-justification is as follows:-
China is the country of manufacturing. Most of the big giants business companies, prepare and assemble their final product in China. This is done due to the fact that, China has the cheapest labour in the world. Since Corona Virus( COVID-19) has started from China so, China has lockdown himself from the whole world. Not only this, other countries have also stopped all types of exchanges and other works from China. Due to this the big giants and other companies are not able to do business, which can be easily seen with the decreasing no. of sales by all the companies.
Italy is one of the beautiful country known for his tourism. Every year, many people go to Italy for the holidays. Now this time, Italy is the second most affected country in the world after China. Italy has also lockdown themselves from the other parts of the world. Due to this, the tourism sector is facing a big problem. Not only this, all the business linked with the tourism industry has also affected by this. Hotel business restaurant business and many other are affected the most due to this COVID-19.
USA is the economy regulatory country of the world. All the is happening is USA effects the whole world. This... (More)