There are plenty of businesses closing in the western economies too, which will never reopen. Especially bad in Victoria at the moment, where those who were hanging on by the skin of their teeth have now been given the final straw. Relations with China are apparently not going well either. I think a few countries are going to have to figure out how to localise again. Even individual states might need to become more self sustaining as they each become more protective of their borders.
It's certainly going to be a shock to the system for first world countries, as it's a long way to fall. I’m rather sorry that they dragged other countries into dependence on them, though.