Most Western countries are heavily dependent on services, the hospitality & leisure sectors, even countries like Germany
The relationship between deaths and the economy is pretty obvious:
When there are a lot of deaths, most people are reluctant to go out to work, or to non-essential shops;
they definitely don't go to restaurants, hotels, cinemas etc regardless of what government rules are
Even worse if they feel the government don't are blundering around
Even after deaths are back to normal, many people feel to nervous to go out and spend on non-essentials
In contrast, when there haven't been too many deaths and the government acted competently, people soon pick up normal life again
e.g. The German economy, restaurants etc picked up quickly because there were only 9,200 deaths in a country of 83 million
e.g. the New Zealand economy has picked up
Both these very different economies - NZ and Germany - are predicted to have less frop in GDP by the end of 2020 than countries like the UK with a lot of deaths and where the public hasn't much trust in the government