The COVID-19 pandemic, and associated public health responses
such as shutdowns, can be thought to include both a negative supply
shock, and a negative demand shock.
Excerpt from article
Supply and demand and the COVID-19
shock
COVID-19 has had clear supply effects: quarantines, closed
factories, supply chain disruptions and impaired mobility obviously
affect production[1]. The effects on demand are more difficult to
gauge but it is critical from an economic policy point of view to
get a sense of them...