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Just a gut instinct, but the difference might be due to life expectancy. In 1957/1968 compared to 2020, a lot less "old people" would be there and risk getting killed by a virus, thus the constraint on the economy was non existent?
Demographics could be a factor, and also the pattern of incidence: previous pandemics affected younger people more than this one. But I think the economic effects this time are more due to closing businesses to slow the spread rather than direct health effects.