The first wave of shocks began with the outbreak of the epidemic, the stock market plummeted and the government rescued the market urgently. At this stage, the epidemic was in an outbreak period and began to show exponential growth. Governments all over the world began to respond urgently, and the stock market plummeted and the capital market was turbulent, but the impact on the economy has not yet appeared.

The second wave of shocks is mainly affected by factors such as out-of-control overseas epidemic and financial market turmoil. At this stage, the epidemic is still spreading rapidly around the world, overseas stock markets have plummeted, and governments of various countries have launched large-scale economic stimulus plans. In addition, the global debt problem has also aggravated the volatility of financial markets.

The third wave of shocks is caused by the restriction of economic activities and the collapse of international tourism. The persistence of the epidemic has led many countries to take measures to restrict economic activities in order to slow down the spread of the virus. This led to the interruption of global supply chain and the closure of many enterprises. At the same time, the collapse of international tourism has also had a major impact on the global economy.

Generally speaking, the three waves of epidemic have brought different impacts and challenges. Every wave of shocks brings huge losses and uncertainties to the global economy. Therefore, countries need to continue to strengthen cooperation to meet the challenges brought by the epidemic.