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.
However, numerous sectors will experience longer-term headwinds from a social distance economy, a “1.5 meter economy” as we call it in the Netherlands. As, over time, liquidity problems translate into solvency problems, a share of firms may unfortunately not survive, in spite of all the policy measures.