Responding to the latest economic figures, Mr Lake, who is Plaid Cymru’s Treasury spokesperson has called for an “an unprecedented, positive programme of investment”.
The latest figures from the Office for National Statistics shows the UK economy shrank by 20.4 per cent in April, the largest monthly contraction on record.
Mr Lake said we should avoid the economic mistakes which followed the financial crisis, which only served to make our public services more vulnerable and exposed to this current crisis.
He said: “These figures are truly shocking and point to the hardship facing individuals, communities and businesses the length and breadth of the UK.
“What is now needed from the UK and Welsh Governments is an unprecedented, positive programme of investment to restore confidence and ensure this momentary disaster does not turn into long-term decline.
“The decade of austerity which followed the financial crisis only served to make our public services more vulnerable and exposed to this current crisis.
"This lesson must be learnt, and we should use the opportunity borne out of collective sacrifice to reconfigure and rebuild our economy for the challenges of the 21st century by making it more sustainable, more inclusive and more resilient.”