2020 Wrapped - The impact of the pandemic on the financial market
It is no secret that COVID-19 had a huge impact on global financial markets. Even though the statistics show that the early lockdown period left the worst print, it continues today. In March 2020, the stock market around the world collapsed. The world has not seen this kind of break since the crisis of 2008. It followed with high fluctuations in the prices of stocks. Financial experts have stabilized the fallout for a short period. Nonetheless, the stock market has reached the lower limits again.
Stocks of resources, such as oil and gold, have also suffered. The oil demand has been declining while the market prices increase. Gold has been sold to buy dollars instead. Experts predict low inflation coming in early 2021.
The difference between interest rates has been removed, but the dollar has fallen. It has affected all workers in the US, including the residents of Illinois. Not only the financial market changed drastically, but it also shifted to the online medium.
The lockdown kept people mostly in their houses. Many of them have lost their jobs or went on temporary leave. It created the ground for the development of the online lending market. It has created suitable products for more borrowers and improved services.
It has been a financially uneasy year for all countries around the world. In the next year, Illinois aims to play its part in advancing the national economy. We will be working tirelessly to improve the financial stability of our citizens in 2021!