In 2020, as a result of the coronavirus pandemic, the entire world went into ‘lockdown’. During this phase, the global economy shut down because no one was allowed to leave their home and correspondingly no economic or commercial activity (which required physical interaction) could take place. This led to great global economic breakdowns. Both small and medium sized enterprises and multinational corporations alike lost significant sources of revenue, and some firms even went bankrupt. Consumers lost employment and sources of income for their households. Countries went into large budget deficits attempting to correct the stagflation through expansionary demand side fiscal and monetary policies. As can be seen, the COVID-19 pandemic only brought negative implications for the entire world.