Obviously that’s hyperbole but I did have a look and industrial activity in the USA declined by 46%. Global trade dropped by 70%. GDP itself dropped by about 30

Obviously that’s hyperbole but I did have a look and industrial activity in the USA declined by 46%. Global trade dropped by 70%. GDP itself dropped by about 30%, from what I could find. By contrast, the Great Recession of 2008 saw a GDP drop of 4.3%. So, yes, without government bailouts, markets can fail _catastrophically_