The American story that you have to consider hunger deaths before you consider limiting economy is incomplete picture (after all this is where the government should come in). On other words if you focus purely on economy as nothing is going on you are basically ignoring the pandemic problem. While the numbers are rising and therefore in the end you will get plenty of corona deaths by basically ignoring the issue, since you placed the focus on the wrong thing. What basically happened when you don't have a coordinated brief response and thus you ended with the saga of pandemic. Problem is that just because economy is open that doesn't mean that it can work with profit. Since now people tend to buy only the most basic stuff and therefore everyone who isn't in that business is in problems. However as you keep things open in uncontrolled fashion and defy medical science regarding how the virus is spreading you only make sure that demand remains low on the long run. Therefore you are running businesses to the ground on the long run if you don't focus on cutting the virus, even if that damages economy to some degree on the short run. Since otherwise the numbers will be climbing to the point that even masks and gloves aren't really working, even if people used them. Therefore in that case you have to close again, what is economic death since the whole saga is taking too long. As long as the virus is heavily in the mix you just can't really save the economy, that is just how it is. At best you can keep most of it on life support and even that eventually will fail if you don't bring down the number of active cases in time. Since they evidently suppresses the demand for many goods and services, because people don't dare to spend anything. Therefore masks and globes, government support to the people, regulation of behavior with limited and controlled opening of economy is basically only mix that can eventually drag this mess out of the mud. Since vaccines are probably still too far away.
However not only deaths count, many people who survived have many permanent damages, while in US many ended with huge medical bills that will change their lives. Plus there is one hidden factor, if hospitals get full of covid patients others will be placed on hold or they will deliberately skip treatments and tests due to very high risk of catching the thing. What is also creating death tool on it's own. Therefore if business start to fall in mass because the whole pandemic turned into the saga that also diverts people from getting their treatments. This is why it is very important to keep your own people away from the virus as much as possible, since otherwise the whole social, medical and economic chain is deformed. Plus the crime will spike as well. In other words pushing the people into the virus wouldn't solve anything on the long run and will eat away what little was perhaps gained. The virus is simply a parasite in the whole mix and you can't really fix the dynamic before you focus heavily on wiping it out from the population (more recovered than infected). Once that is done the economy will basically fix itself for the most part in time.