Effect of the COVID-19 Pandemic Outbreak on Businesses and Markets Globally

On March 11, 2020, the World Health Organization declared COVID-19 a global pandemic, and its effects are still prevalent today. Due to the COVID-19 pandemic’s controversial origins and swift global dissemination, strict safeguards were put in place by governments around the world to contain instances and slow the virus' rate of spread. While the competition for limited resources overtook global trade and collaboration, tactics fractured the fundamental supporting pillars of the contemporary world’s macroeconomics and micro economics. Serious economic repercussions resulted from the COVID-19 pandemic outbreak all around the world and no nation was spared. In addition to the devastating impact on the economy, negative aftermaths were imposed upon society as a whole which drastically altered how businesses, markets, firms, and customers operated.