Recession fears were hovering even before the ongoing COVID-19 health crisis. There were lots of predictions about the global recession in 2020. Widespread trade tensions among countries, Brexit uncertainty and slow growth in Eurozone, Asian market slowdown, erratic commodities price were some of the reasons for a global recession in 2020. The argument for and against it was there on its highest altitude. However, once the coronavirus appeared as an unwanted guest, the global economy slid into gloomy states, and the recession ensued.