I also think some poor decision making is also responsible for the fall of economy though.
Truth, slow and poor decision making of the government made it worse. Its not even a talk about how rich is a country is. Have you seen third world countries surviving? It exists, better handling, fast decision making, better contract tracing, and a government who really cares for its people will survive. Kind of sad its not happening in my country as well, its getting worse. We are so slow in fighting the virus, now we face a recession, without flattening the curve as well.
Now look for news about how the president of the US fights the virus. Somehow you'll understand why.