Introduction

The COVID-19 pandemic sent shock waves through the world economy. It triggered the most significant global economic crisis in more than a century. Moreover, the crisis led to a dramatic increase in inequality within and across countries. Evidence suggests that the recovery from the crisis will be as uneven as its initial economic impacts, with emerging economies and economically disadvantaged groups needing much more time to recover from pandemic-induced losses of income and livelihoods.

The Impact On The Stock Market

Covid significantly impacted the stock market in all sectors of the economy. With everything shut down, the supply chain slowed and even stopped; with the supply chain stopped, businesses weren't able to do business which caused the market to drop even more. Finally, the market got so low they talked about shutting it down. So obviously, this had a significant impact on society. It affected families, school districts, businesses, the government, and many more.

The Government Response

The government responses to the pandemic were extraordinarily swift and encompassing. Governments embraced many policy tools that were either entirely unprecedented or had never been used on this scale in emerging economies. While necessary and effective in mitigating the worst impacts of the crisis, the significant crisis response led to a global increase in government debt that gave rise to renewed concerns about debt sustainability and added to the widening disparity between emerging and advanced economies.

The Impact On Citizens Savings

With The Stock market down, citizens investing portfolios took a hit which took years of investing and waiting; citizens were back to square one in most sectors of the economy. Unfortunately, it will be a while before the stock market returns to what it was because of all the new variants and now the war in Ukraine, which also severely impacted the market.