COVID-19 pandemic

=== Economics ===
{{Main|Economic impact of the COVID-19 pandemic}}
{{See also|Impact of the COVID-19 pandemic on aviation|l1=Impact of the COVID-19 pandemic on aviation|Impact of the COVID-19 pandemic on science and technology|l2=on science and technology|Financial market impact of the COVID-19 pandemic|l3=on financial markets|2020 stock market crash|COVID-19 recession}}
[[File:Stock-indices-2020crash+recovery.svg|thumb|upright=1.3|A [[stock index]] chart shows the [[2020 stock market crash]].]]
The pandemic and responses to it damaged the global economy. On 27 February 2020, worries about the outbreak crushed US stock indexes, which posted their sharpest falls since 2008.<ref name="U7teI" />

Tourism collapsed due to travel restrictions, closing of public places including travel attractions, and advice of governments against travel. Airlines cancelled flights, while British regional airline [[Flybe (1979–2020)|Flybe]] collapsed.<ref name="z2VrM" /> The cruise line industry was hard hit,<ref name="smh20200227">{{#invoke:cite news || vauthors = Turner B |url=https://www.smh.com.au/business/the-economy/most-significant-crisis-in-the-history-of-travel-where-to-now-for-tourism-20200227-p5450j.html |title='Most significant crisis in the history of travel': where to now for tourism? |date=4 April 2020 |work=The Sydney Morning Herald |access-date=5 April 2020}}</ref> and train stations and ferry ports closed.<ref name="wnn7L" /> International mail stopped or was delayed.<ref name="wsj1158868721">{{#invoke:cite news ||url=https://www.wsj.com/articles/another-coronavirus-business-problem-skyrocketing-cost-of-air-cargo-11588687216 |title=You've Got Mail ... Finally: The Pandemic Is Jamming Up the World's Post |access-date=15 May 2020 |date=5 May 2020 | vauthors = Cherney M, Craymer L |newspaper=The Wall Street Journal }}</ref>

The retail sector faced reductions in store hours or closures.<ref>{{#invoke:cite news ||last1=Tyko |first1=kelly |title=How COVID permanently changed shopping and restaurants |url=https://www.axios.com/2023/03/17/stores-restaurants-covid-changes |access-date=5 June 2023 |date=17 March 2023}}</ref> Retailers in Europe and Latin America faced traffic declines of 40 percent. North America and Middle East retailers saw a 50–60 percent drop.<ref name="20200402aislelabs">{{#invoke:citation/CS2 ||url=https://www.aislelabs.com/blog/2020/04/02/how-retailers-globally-are-responding-to-coronavirus-updated-frequently/ |title=How Retailers Globally are Responding to Coronavirus by Aislelabs |newspaper=Aislelabs |date=2 April 2020|access-date=3 April 2020}}</ref> Shopping centres faced a 33–43 percent drop in foot traffic in March compared to February. Mall operators around the world coped by increasing sanitation, installing thermal scanners to check the temperature of shoppers, and cancelling events.<ref name="J6Y6Z" />

Hundreds of millions of jobs were lost,<ref name="aljazeera2004271718">{{#invoke:cite news ||title=Half the world's workers face losing their jobs, says ILO |url=https://www.aljazeera.com/ajimpact/world-workers-face-losing-jobs-ilo-200427171840169.html |publisher=Al Jazeera |date=29 April 2020}}</ref><ref name="20200506csmonitor">{{#invoke:cite news ||last1=Temko |first1=Ned |title=No jobs, so what future? Half the world's workforce on the edge. |url=https://www.csmonitor.com/World/2020/0506/No-jobs-so-what-future-Half-the-world-s-workforce-on-the-edge |access-date=5 June 2023 |work=Christian Science Monitor}}</ref> including more than 40&nbsp;million jobs in the US.<ref name="20200528WaPo">{{#invoke:cite news ||title=Americans have filed more than 40 million jobless claims in past 10 weeks, as another 2.1 million filed for benefits last week | vauthors = Romm T |url=https://www.washingtonpost.com/business/2020/05/28/unemployment-claims-coronavirus/ |newspaper=The Washington Post |date=28 May 2020}}</ref> According to a report by [[Yelp]], about 60% of US businesses that closed will stay shut permanently.<ref name="vLHxV">{{#invoke:cite news ||last1=Sundaram |first1=Anjali |title=Yelp data shows 60% of business closures due to the coronavirus pandemic are now permanent |url=https://www.cnbc.com/2020/09/16/yelp-data-shows-60percent-of-business-closures-due-to-the-coronavirus-pandemic-are-now-permanent.html |access-date=5 June 2023 |work=CNBC |date=16 September 2020 }}</ref> The [[International Labour Organization]] (ILO) reported that the income generated in the first nine months of 2020 from work across the world dropped by 10.7 percent, or $3.5&nbsp;trillion.<ref name="rd8bm">{{#invoke:cite news||url=https://www.reuters.com/article/us-health-coronavirus-ilo/pandemic-slashes-worldwide-income-from-work-by-a-tenth-ilo-idUSKCN26E1SM|title=Pandemic slashes worldwide income from work by a tenth: ILO|access-date=23 September 2020|work=Reuters|date=23 September 2020| vauthors = Nebehay S }}</ref>

==== Supply shortages ====
{{Main|Shortages related to the COVID-19 pandemic}}
[[File:Ntuc super store, Singapore (49505410793).jpg|thumb|COVID-19 fears led to panic buying of essentials across the world, including toilet paper, instant noodles, bread, rice, vegetables, disinfectant, and rubbing alcohol (picture taken in February 2020).]]
Pandemic fears led to [[panic buying]], emptying groceries of essentials such as food, toilet paper, and bottled water. Panic buying stemmed from perceived threat, perceived scarcity, fear of the unknown, coping behaviour and social psychological factors (e.g. [[social influence]] and trust).<ref name="cSvA4">{{#invoke:cite journal||vauthors=Yuen KF, Wang X, Ma F, Li KX|date=May 2020|title=The Psychological Causes of Panic Buying Following a Health Crisis|journal=International Journal of Environmental Research and Public Health|volume=17|issue=10|page=3513|doi=10.3390/ijerph17103513|pmc=7277661|pmid=32443427|doi-access=free|s2cid=218856048}}</ref>

[[Shortage|Supply shortages]] were due to disruption to factory and logistic operations; shortages were worsened by [[supply chain]] disruptions from factory and port shutdowns, and labour shortages.<ref name="XvcU9" />

Shortages continued as managers underestimated the speed of economic recovery after the initial economic crash. The technology industry, in particular, warned of delays from underestimates of [[semiconductor]] demand for vehicles and other products.<ref name="AutoDW-263" />

According to WHO Secretary-General Tedros Ghebreyesus, demand for [[personal protective equipment]] (PPE) rose one hundredfold, pushing prices up twentyfold.<ref name="AutoDW-275" /><ref name="AutoDW-276" /> PPE stocks were exhausted everywhere.<ref name="Mycfo" /><ref>{{#invoke:cite news ||last1=Lewis |first1=Amanda Chicago |title=The hustlers and scammers behind the pandemic supply chain nightmare |url=https://www.theverge.com/c/23010055/pandemic-ppe-supply-chain-gloves-coronavirus |access-date=5 June 2023 |work=The Verge |date=19 April 2022}}</ref><ref>{{#invoke:cite journal ||last1=Bauchner |first1=Howard |last2=Fontanarosa |first2=Phil B. |last3=Livingston |first3=Edward H. |title=Conserving Supply of Personal Protective Equipment—A Call for Ideas |journal=JAMA |date=19 May 2020 |volume=323 |issue=19 |pages=1911 |doi=10.1001/jama.2020.4770 |pmid=32196543 |s2cid=214600902 |url=https://jamanetwork.com/journals/jama/fullarticle/2763590 |access-date=5 June 2023}}</ref>

In September 2021, the [[World Bank]] reported that food prices remained generally stable and the supply outlook remained positive. However, the poorest countries witnessed a sharp increase in food prices, reaching the highest level since the pandemic began.<ref>{{#invoke:cite news ||last1=Ventura |first1= Luca |title=Global Finance Magazine – Poorest Countries in the World 2023 |url=https://www.gfmag.com/global-data/economic-data/the-poorest-countries-in-the-world |access-date=5 June 2023 |work=Global Finance Magazine |date=2 May 2023 }}</ref><ref name="auto4">{{#invoke:cite journal ||last1=Anyanwu |first1=John C. |last2=Salami |first2=Adeleke O. |title=The impact of COVID-19 on African economies: An introduction |journal=African Development Review |date=April 2021 |volume=33 |issue=S1 |pages=S1–S16 |doi=10.1111/1467-8268.12531 |pmid=34149237 |pmc=8207010 }}</ref> The Agricultural Commodity Price Index stabilized in the third quarter but remained 17% higher than in January 2021.<ref>{{#invoke:cite web||title=Food Security and COVID-19|url=https://www.worldbank.org/en/topic/agriculture/brief/food-security-and-covid-19|access-date=23 December 2021|website=World Bank}}</ref><ref name="auto4"/>

By contrast, petroleum products were in surplus at the beginning of the pandemic, as demand for gasoline and other products collapsed due to reduced commuting and other trips.<ref name="BBC, US oil prices, 21 April 2020">[https://www.bbc.com/news/business-52350082 US oil prices turn negative as demand dries up], BBC, 21 April 2020.</ref> The [[2021 global energy crisis]] was driven by a global surge in demand as the world economy recovered. Energy demand was particularly strong in Asia.<ref>{{#invoke:cite news ||title=Energy crunch: How high will oil prices climb? |url=https://www.aljazeera.com/economy/2021/9/27/energy-crunch-how-high-will-oil-prices-climb |work=Al-Jazeera |date=27 September 2021}}</ref><ref>{{#invoke:cite news ||last1=Smith |first1=Alexander |title=Cascade of problems fuels world energy crisis as another winter looms |url=https://www.nbcnews.com/news/world/covid-center-world-energy-crunch-cascade-problems-fuel-rcna2688 |access-date=5 June 2023 |work=NBC News |date=8 October 2021 }}</ref>