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There have been over one million deaths from the COVID-19 infection so far. The pandemic forced governments across the world into emergency lockdowns that pushed nearly all parts of the world economy into the deepest slump in production, investment, consumption, and employment since the 1930s. There is optimism that world economy will bounce back in 2021 in a V-shaped recovery. But that seems unlikely because global capitalism was in trouble before the pandemic hit and was already heading into a recession. The lockdown slump was just a tipping point. Also, the pandemic is not yet over and infections continue to mount. The impact of the pandemic lockdowns on employment and incomes, particularly for the poorest countries and the poorest in all countries has been devastating and will leave permanent scarring on economies and livelihoods. And there is no internationally coordinated plan to contain the pandemic and to restore livelihoods. Market-led economies and health systems have failed. Only a social economy where there is public ownership and community control of finance and industry can turn the world economy around for working people. Pandemic; Economy; Recession; Depression; Keynes; Stimulus.