UN/DESA Policy Brief #59: Corona crisis causes turmoil in financial markets

The COVID-19 pandemic is first and foremost a human crisis. Its most direct impact is on health and human well-being. The medical emergency and the public response to it — most importantly restrictions on movement — have also had a dramatic impact on economic activity, and led to significant job losses. The global economy is now expected to enter into recession in 2020, following decade-low growth of 2.3 per cent in 2019. Although much of the focus to date has been on those countries that have been hit the hardest by the pandemic, the crisis has reverberated around the world, feeding through to financial markets.