say the economy is a switch to be turned on and off is naive as the people who think that we have the power to control the virus in the US. Both the economy and the virus are the proverbial 'cats out of the bag.'
The US has the luxury of being a huge and diversified economy, even if Sweden pulls out of this they will suffer the fallout of its EU cohorts or trading buddies--whatever role they play in the EU.
NYC could also be a good benchmark of what the virus uninhibited will / would do. My two cents are that in the coming months NYC will be a smoldering pile, obviously, NYC's situation doesn't map to many states or even countries