The economic development within recent crises
Statista DossierPlus on the impact of the coronavirus and the Russia-Ukraine war on the global economy
The COVID-19 pandemic not only had an immense impact on our social life but on the global economy as well. Due to a widespread uncertainty and new circumstances, the pandemic brought the global economy to its knees, resulting in the biggest stock price collapse since the 2008 financial crisis. But while COVID-19 cases were still increasing, the second half of 2020 already started to bring partial economic recovery. This rebound was however abruptly slowed down in the first half of 2022 as Russia invaded Ukraine on February 24th, 2022. The war in Ukraine has brought further uncertainty in the global economy, causing a sizable humanitarian crisis and a sharp increase in inflation rates worldwide. Commodities as wheat, fertilizers, and nickel as well as gas and oil have recorded among the highest increases in their prices.
Stock markets around the world faced a harsh downturn in March 2020, as the WHO declared the spread of COVID-19 a pandemic and national governments enforced lockdowns to ease the pressure on their health systems. This was unprecedented, as no disease outbreak had ever had such a severe influence on the global stock markets before. The Russia-Ukraine war came at a time when the stock markets were recovering the losses of the pandemic downturn, bringing a new wave of uncertainty.
This report explores the impact of those recent crises on the global economy, focusing on specific industries, major events, and developments.
Updated version: August, 2022
For further insights on the Russia-Ukraine war:
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