If people are doing well, the economy will likely catch up-- weak businesses will fail, new ones will be created. It may hurt, may hurt for a while-- but from a purely economic perspective this might turn out to be a useful reboot. There are going to be a lot of phenomenal opportunities in the coming year.
But the economy cannot do well if the people are not.
For a thought experiment, imagine for a moment that we didn't need to keep delivering food and power and whatnot. It would be possible to simply pause the entire economy-- just like contracts that don't consider weekends business days-- in this fictional world we could freeze all accounts and all debts and whatnot for a year and then do "2020" over again. We can't do this because we need to keep a lot of people working to keep food and medical care flowing-- but I think the crazy idea is a useful illumination that the economy is a shared delusion. Whats going on now is only as devastating as we allow it to be, but the deaths of millions would be devastating (economically and otherwise) regardless of what we otherwise want.