It’s arguable to what degree doing something other than the lockdown and then semi-lockdown, etc. could have avoided the economic problems. I tend to think that there would have been a major economic downturn no matter what.
Having said that, it’s worth noting that this is one of the knock-on effects that is counter-intuitive. The initial expectation was that everybody being stuck at home would result in a baby-boom. Turns out the old rule still applies: if you don’t have economic stability, you tend to have fewer children, even if you have plenty of time for sex.