The 2019–20 coronavirus pandemic has had far-reaching consequences beyond the spread of the disease and efforts to quarantine it. As the pandemic has spread around the globe, concerns have shifted from supply-side manufacturing issues to decreased business in the services sector.
Economic turmoil associated with the 2019–20 coronavirus pandemic has wide-ranging and severe impacts upon financial markets, including stock, bond, and commodity (including crude oil and gold) markets. Major events included a described Russia–Saudi Arabia oil price war after failing to reach an OPEC+ agreement that resulted in a collapse of crude oil prices and a stock market crash in March 2020. The effects upon markets are among the many socio-economic impacts of the pandemic.
The 2020 stock market crash is a global stock market crash that began on 20 February, 2020. On 12 February, the Dow Jones Industrial Average, the NASDAQ Composite, and S&P 500 Index all finished at record highs (while the NASDAQ and S&P 500 reached subsequent record highs on 19 February). From 24 to 28 February, stock markets worldwide reported their largest one-week declines since the 2008 financial crisis, thus entering a correction. Global markets into early March became extremely volatile, with large swings occurring in global markets. On 9 March, most global markets reported severe contractions, mainly in response to the 2019–20 coronavirus pandemic and an oil price war between Russia and the OPEC countries led by Saudi Arabia. This became colloquially known as Black Monday I, and at the time was the worst drop since the Great Recession in 2008.
On 8 March 2020, Saudi Arabia initiated a price war with Russia, triggering a major fall in the price of oil, with US oil prices falling by 34%, crude oil falling by 26%, and brent oil falling by 24%. The price war was triggered by a breakup in dialogue between the Organization of the Petroleum Exporting Countries (OPEC) and Russia over proposed oil production cuts in the midst of the 2019–20 coronavirus pandemic. Oil prices had already fallen 30% since the start of the year due to a drop in demand. The price war is one of the major causes of the currently ongoing global stock market crash.
The 2019–20 coronavirus pandemic has caused the most significant disruption to the worldwide sporting calendar since World War II. Across the world and to varying degrees, sports events have been cancelled or postponed.
The 2019–20 coronavirus pandemic has impacted the 2020 Summer Olympics. Many qualifying matches have been cancelled or postponed. Japanese Prime Minister Shinzo Abe announced on 24 March that the Games will be postponed until 2021.
- Xenophobia and racism
The 2019–20 coronavirus pandemic, which started in the city of Wuhan, Hubei, China, in December 2019, has initially led to increased prejudice, xenophobia, discrimination, violence and racism against Chinese people and people of East Asian and Southeast Asian descent and appearance around the world, as well as discriminatory acts by Hong Kong Chinese against mainland Chinese, and by mainland Chinese against their compatriots from Hubei province, more specifically, from the city of Wuhan.
The 2019–20 coronavirus pandemic has had a significant impact on aviation industry due to the resulting travel restrictions as well as slump in demand among travelers. Significant reductions in passenger numbers has resulted in planes flying empty between airports and the cancellation of flights.
The 2019–20 coronavirus pandemic has had a substantial impact on the film industry. Across the world and to varying degrees, cinemas and movie theaters have been closed, festivals have been cancelled or postponed, and film releases have been moved to future dates or delayed indefinitely. As cinemas and movie theaters closed, the global box office dropped by billions of dollars, streaming became more popular, and the stock of film exhibitors dropped dramatically. Many blockbusters originally scheduled to be released between March and August were postponed or canceled around the world, with film productions also halted.
The 2019–20 coronavirus pandemic has shut down or delayed production of television programs in several countries.
The 2019–20 coronavirus pandemic has impacted religion in various ways, including the cancellation of the worship services of various faiths, the closure of Sunday Schools, as well as the cancellation of pilgrimages surrounding observances and festivals. Many churches, synagogues, mosques, and temples have offered worship through livestream amidst the pandemic. Relief wings of religious organisations have dispatched disinfection supplies, powered air purifying respirators, face shields, gloves, coronavirus nucleic acid detection reagents, ventilators, patient monitors, syringe pumps, infusion pumps, and food to affected areas. Other churches have offered free COVID-19 testing to the public. Adherents of many religions have gathered together to pray for an end to the COVID-19 pandemic, for those affected by it, as well as for wisdom for physicians and scientists to combat the disease. In the United States, President Donald Trump designated 15 March 2020 as a National Day of Prayer for "God’s healing hand to be placed on the people of our Nation".
The 2019–20 coronavirus pandemic has caused many events around the world to be cancelled or postponed. Among the most prominent events to be affected was the 2020 Summer Olympics which has been postponed to 2021.
- Politics and education
The 2019–20 coronavirus pandemic affected the political systems of multiple countries causing suspensions of legislative activities, isolation or deaths of multiple politicians, and rescheduling of elections due to fears of spreading the virus.
The 2019–20 coronavirus pandemic has affected educational systems worldwide, leading to the widespread closures of schools and universities.