In some cases, also direct transfers to small firms or independent contractors are helping them survive the crisis, without the commensurate build-up of debt levels. Second phase: …and exiting it All of us are looking forward to the moment when lockdown-measures can be eased. However, we should not underestimate the challenges associated with this exit.
It will likely be gradual, and might very well be of a two steps forward, one step back nature. Its effects on the economy will likely be heterogeneous, too. Some sectors are relatively well-equipped to function in a frozen economy, and will have no trouble resuming business. Other sectors might be able to (partially) catch-up on lost revenues as soon as the lockdown eases.