Goldman Sachs has estimated GDP for Q2 will be down 24%.
Such is the price of business to save lives at this point. Unfortunately people still aren't understanding this.
Why We Are Deliberately Allowing Our Economy To Go On A Downward Spiral
The problem here is..no much lives are saved anyways without huge impact. You can't control the virus so that the hospital capacity is more or less enough but that virus reaches enough poeple.
By "enough" I mean, to get group immunity. As very early precautions were not made no where around the world, the options are:
1a) complete shut down for couple of months to stop epidemic now. But the problem is what happens after stopping restrictions. You have then new chance to try control all chains of infections and hope it won't spread again and then with good possibility is that the vaccine is ready until the late summer/autumn and after vaccination of many people, this is over.
1b) control of chains is not working well enough after complete shutting down and full closure need to e done again at latest in autumn. Even worse, vaccine is ready in 1-2 years and shutting down world needs to be made again and again. Or let it spread then.
2) Just let it spread now, try to keep risk groups as isoleted as possible for few months. Victims will come yes. But with current estimate of infection factor R0 = 2,2 without restrictions and 5 day average latency phase, some about 30 % of infected people is enough to get group immunity. It bit depends on social networks (how much variation there is how people meet each others). In thi scase, the total R0 drops below 1, meaning one infected person infects on average less than 1 new person cuasing that all chains die themselves. This takes several months and is horrible time but after that, it's kind of all over once and for real.
What is the righ play, dpends strongly on how effective mdeications will be availeble nearest weeks and when the vaccine will be ready. But as big financial depression causes also lot of victims and much more yougng such, it is not possible at all that the tactic with (almost) free spreading will be actually the winning tactic now. It all can be seen and judged only in the future.