Even the 1929 economic depression does not have negative impacts as the covid-19 economic impact.
Some of the effects of the Covid-19 affected both individuals and businesses. To individuals here are the effects;
1.Loss of livelihood as a result of loss of jobs.
2.Loss of lives. Those that died as a result of the Covid-19 infection.
3.Social Distance. There is a ban on freedom of movement.
4.Threat of everyone to everyone.
To businesses, some went bankrupt even some governments had to run to the UN and IMF for aids.
Most economies are re-opening and businesses are now operating partially.
The question is this; what will happened to the global economy if there is a spike in the spread of covid19 again ?
Yes, personally and globally covid has damages men life as well as economy of a country but there is no chance to spread of Covid 19 again because of vaccine. Different countries vaccine now are in final stage and we can hope for vaccine at the end of the year. So there is also no chance to damage economy again globally. But i think this is a learning for people that in future like Covid more pandemic may come as we damaging nature so we have to prepare for all things and hole world now will think alternative way that they did not in past.
thanks.