The impact of coronavirus :- It is the impact of COVID19 that it has changed the political, social, economic, religious and financial structures of the whole world. All the developed countries like US, UK, Germany, France, Japan have gone at their backfoot. All the Economist of the world have warned about the worse conditions and situations of the stock market and economy. It has also created unemployment, uncertainty, flactuations in price and quantity level.
The difference between the 1997 financial crisis and the global recession in 2008 with effects of the Covid 19 pandemic :-
The Asian financial crisis of 1997 means to a macroeconomic shock experienced by several Asian economies. Typically countries experienced fast devaluation and capital outflows as investor believe turned from over-exuberance to contagious pessimism as the structural imbalances in the economy became more apparent.
In 2007-08 the domestic financial shock affected the demand side first, and then modified into the Great Recession of 2009.
The COVID-19 crisis has spread fast all over the world given highly interacted supply chains and the physical contagion of the virus. This supply-shock then has affected the financial sector and the demand side (tourism, trade, etc.).