During the COVID-19 pandemic, food insecurity intensified in many places. In the second quarter of 2020, there were multiple warnings of famine later in the year. In an early report, the Nongovernmental Organization (NGO) Oxfam-International talks about "economic devastation" while the lead-author of the UNU-WIDER report compared COVID-19 to a "poverty tsunami". Others talk about "complete destitution", "unprecedented crisis", "natural disaster", "threat of catastrophic global famine". The decision of the WHO on 11 March 2020, to qualify COVID as a pandemic, that is "an epidemic occurring worldwide, or over a very wide area, crossing international boundaries and usually affecting a large number of people" also contributed to building this global-scale disaster narrative.

The COVID-19 recession, also known as the Great Lockdown, was a global economic recession caused by the COVID-19 pandemic. The recession began in most countries in February 2020. After a year of global economic slowdown that saw stagnation of economic growth and consumer activity, the COVID-19 lockdowns and other precautions taken in early 2020 drove the global economy into crisis. Within seven months, every advanced economy had fallen to recession.