The paper examines the spillover effects of the COVID-19 pandemic on the global economy, focusing on how the virus triggered a global recession. The outbreak led to widespread economic disruption through social distancing measures, lockdowns, and reduced consumer and business activity. The virus's rapid spread caused a flight to safety in investments and consumption, leading to significant losses in financial markets. The global stock markets lost over $6 trillion in value in a week, with the S&P 500 index falling by 28% in February 2020. The pandemic also severely impacted key sectors such as travel, hospitality, sports, entertainment, and education, causing massive revenue losses and job cuts. The oil price war between Russia and Saudi Arabia exacerbated the economic downturn, leading to a sharp decline in oil prices and affecting oil-dependent countries. The financial sector faced increased non-performing loans and reduced transaction volumes, while the health sector struggled with supply chain disruptions and a shortage of medical supplies. Governments responded with monetary and fiscal policies to stimulate the economy, but these measures were often insufficient or contradictory. The paper highlights the challenges of balancing economic recovery with public health measures, and the need for long-term reforms in public health and economic systems. The global recession was a result of the difficult choices made by policymakers, with many prioritizing saving lives over economic recovery. The crisis also created opportunities for structural reforms in public health and economic systems.The paper examines the spillover effects of the COVID-19 pandemic on the global economy, focusing on how the virus triggered a global recession. The outbreak led to widespread economic disruption through social distancing measures, lockdowns, and reduced consumer and business activity. The virus's rapid spread caused a flight to safety in investments and consumption, leading to significant losses in financial markets. The global stock markets lost over $6 trillion in value in a week, with the S&P 500 index falling by 28% in February 2020. The pandemic also severely impacted key sectors such as travel, hospitality, sports, entertainment, and education, causing massive revenue losses and job cuts. The oil price war between Russia and Saudi Arabia exacerbated the economic downturn, leading to a sharp decline in oil prices and affecting oil-dependent countries. The financial sector faced increased non-performing loans and reduced transaction volumes, while the health sector struggled with supply chain disruptions and a shortage of medical supplies. Governments responded with monetary and fiscal policies to stimulate the economy, but these measures were often insufficient or contradictory. The paper highlights the challenges of balancing economic recovery with public health measures, and the need for long-term reforms in public health and economic systems. The global recession was a result of the difficult choices made by policymakers, with many prioritizing saving lives over economic recovery. The crisis also created opportunities for structural reforms in public health and economic systems.