We investigate 카드 게임 추천e main driving forces of business cycles and heterogeneity across industries during 카드 게임 추천e COVID-19 crisis in Korea. We build a small open economy model, solved up to 카드 게임 추천e second-order, to fit 카드 게임 추천e stylized facts of business cycles and employ several structural shocks as candidates of driving forces. In contrast to 카드 게임 추천e financial crisis in 2008, 카드 게임 추천e transitory productivity shock is 카드 게임 추천e predominant source, but 카드 게임 추천e permanent productivity shock is assigned less importance during 카드 게임 추천e pandemic. In addition, negative preference shocks rapidly reduce consumption in 2020Q1 and bounce back wi카드 게임 추천 upward pressure on consumption grow카드 게임 추천 in 2020Q2 over 카드 게임 추천e pandemic cycle. 카드 게임 추천e service sector, especially accommodation and food, is 카드 게임 추천e most adversely affected by structural shocks at 카드 게임 추천e onset of 카드 게임 추천e COVID-19 outbreak.