In Europe at least there are lots of business closures and unemployment being staved off by state intervention, but the political skituation is such that states refuse to spend to the level the US or even the UK are doing. The political architecture of the place with a "foreign" currency in sue is a disaster. I can't be sure when it will come crashing down, but my guess is as summer approaches and it becomes clear there won't be an end to this this year either. Small businesses that were pushed to borrow to stay afloat last year will just close. Those small businesses employ a lot of people. Income crashes, spending crashes, commodities fall. Except the one class of commodities no one can live without, basic foodstuffs.
We are seeing white-hot financial speculation going on. I thing the bastards will all jump into speculation with essential goods - food prices - when the rest comes down. Remember what caused all those riots in North Africa and the middle east a few years after the great financial crisis. Unfortunately it may not even be to any benefit at all to the people who actually produce the food.
As with all predictions this is a wild guess. I still try to hepe governments will regain some sense and put an end to this crisis, because there are examples of such.