Hi there, I got an A* in my EPQ a couple of years back so I'll give it a go. I would say that this a great topic for you and your prospective degree- but you need a better question. The question reads very well but it's broad and there's little opportunity for argument- it's hard to perform at A/A* level when the answer is pretty clear from the title- you already know that Covid-19/the government response to it has crashed the economy hugely.
A better question would be something you could argue about. I'm not an economist so you would know better than me, but ideas that come to mind are which sector was affected worst economically, whether the economy can be expected to 'bounce back' in the U-shaped curve the media discusses, maybe evaluating the government response etc. Maybe do some reading on this and then a question may become clear- you want to be evaluating somehow, either different economic consequences or different groups experiencing the same economic consequences