The figures I've got in my head from the early stage - when it was almost all in China - was that 80% got mild disease, 20% needed hospitalisation, and 5% needed critical care, what we often call intensive care or ITU.
There was a study published by ICNARC last week (professional body for ITU doctors) on the treatment and outcomes of COVID-19 patients. The take home figures are that pretty much 50% of those admitted to ITU will die. If there were no ITU beds available, presumably few of those would survive.
www.icnarc.org/About/Latest-News/2020/04/04/Report-On-2249-Patients-Critically-Ill-With-Covid-19
So - with sufficient ITU capacity, the death rate is 1%, but with no ITU availability, it could be as much as 5%. However, that is of those who have tested positive, and at this stage we don't know what proportion of people are completely asymptomatic. I've seen one report saying 20%, another saying 50%.
Other factors which come into play are age, other health conditions, nutritional status - which is why this is going to rip through poor communities with high rates of HIV like a bush fire.
For us in the UK, the worst case scenario is overwhelmed ITU for a period of time, which would push the death rate over 1%. They still think the maximum proportion of the population who would catch it without social distancing measures is around 80%.
The best case scenario is that we keep up the social distancing strategies so that the number of cases drops away to a very low level, and at that point we introduce rigorous testing, contact tracing and quarantine like South Korea did from the start. That will keep the total number of people who catch it way down..... until there's a vaccine.
So, the death rate is not going to be 1% of the population. How much less it is depends on the decisions about social distancing/lockdown (the ones the Government makes, and the ones we make as individuals about sticking to the rules), how quickly testing can be ramped up, and how soon effective treatment and/or vaccine can be found.