Explanation:

Recently Economists around the world are searching for the right terminology to describe the biggest economic crisis since the Great Depression.
The IMF calls it the Great Lockdown. At its spring meetings in April -- held virtually this year -- the International Monetary Fund used that phrase to summarize how the world economy had been upended.
While there’s even a suggestion to call it a Pandession, as suggested by economist David McWilliams, who previously worked for the Central Bank of Ireland and lenders including BNP Paribas. A Pandession is a new word because it is a new thing. Hence both statements are correct.