economic impacts of COVID-19

COVID-19 caused significant economic effects worldwide by disrupting supply chains, reducing consumer spending, and forcing many businesses to close or downsize. As people stayed home, demand for services like travel, dining, and entertainment dropped sharply. Governments responded with financial aid to stabilize economies, but unemployment rose as jobs were lost. Markets experienced volatility, and some sectors, especially hospitality and retail, struggled more than others. Overall, the pandemic slowed economic growth, increased debt levels, and highlighted vulnerabilities in global interconnectedness and workforce readiness, with ongoing effects impacting economic stability and recovery efforts.