Yes, the Spanish flu infected 1/3 of the world and resulted in 50 million deaths. It's possible covid-19 will get there as well but we're not anywhere close to that yet.
The Spanish flu had absolutely massive economic effects that would have undoubtedly led to a massive crisis if it wasn't for a minor event called World War One.
And the places that recovered economically the quickest are those that locked down more and earlier.