Over the last year and half, there has been a great deal of debate surrounding the current economic expansion and whether it can sustain itself for a longer period. What is unanimous is that recent global developments represent a material threat to the economy going forward. Two events have drastically re-shaped the economic outlook, both of which occurred in the first quarter of 2020. In its early stages, the COVID-19 virus was widely viewed as a minor medical and sociological threat. However, it has since been declared a pandemic by the World Health Organization and is significantly altering consumer behaviour. Societal activity involving the congregation of individuals is being impacted and, in many cases, postponed indefinitely. Health authorities are working to contain the virus. The collateral economic damage will be directly related to the length of time before the virus is contained and the world can return to a state of business as usual.