The two economy downturn situations were caused by two entirely different things. Why this is important, this helps you to know how the economy recovery stage might look like based on optimism and pessimism .
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The great recession of 2007 was caused by financial imbalance that basically started from the housings sector while this current stand still we are is obviously caused by some unexpected dumb clan of viruses (Covid-19).
The Bad News
The effect of the two causes of both the great recession and this corona era(i call it) is quite similar, the only major difference is the intensity of its effect.
1) Global Effect
The great recession which lasted from 2007 - 2009 was a global recession that was caused by increase in prices of assets. However, records showed that the recession did not equally affect all countries round the globe.
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In fact, major economies where the most affected by this recession which shows the level or intensity of the global effect compared to corona virus period that has affected all continents except Antarctica that has no recorded case yet.
The most challenging aspect about this period is the fact that every first to twenty cases recorded in a country goes along with a total shut down of economic and social activities. Unlike the great recession, no deliberate act or decisions where made to shutdown businesses. This has created loop holes in several economies, if not all. The so called "Antarctica" will also be affected based on foreign earnings. Therefore, this economic downturn has greater impact than the great recession of 2007.
2)Rate of Job loss
During the great recession, over 8.6 million jobs were lost in the great recession. This was really a very bad situation where people came out in groups to protest against the government but this time, it is so funny that no one can protest against the government this time (due to its cause) since over 33million jobs has been lost in just U.S.A alone not to talk of the global percentage of job loss. In my country Nigeria, jobs losses are still counting.
3)Foreign Earnings
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In my opinion, the great recession did not stop exportation or international revenue from coming into a country. So the effect wouldn't be all that bad, the only issue might relate with the value of dollar.
But in the case of this pandemic, we are not fighting with policies or government houses, we are dealing with something that is no respecter of position or person. Exportation currently is on a decline in most countries, foreign revenue is on a stand still. My country were major of our revenue is based on oil exportation is badly affected currently.
#stayathome brings no one out.
4)Stimulus Package Spending
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In U.S.A, Lawmakers in 2008 and 2009 licensed stimulus packages of $700-800billion. While this period, government spending in stimulus package worth trillions of dollars.
our recovery depends on how government maximizes a low rate health spending for corona virus
5)Death Rate
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The death of people reduces the work force of a country, hence declines production. During the great recession, lives where not lost due to that effect but currently, we are
at millions of death and still counting.
However, the explained above are just a few of the effect of the corona virus and how serious it is than the great recession of 2007.
This current situation we are facing is debilitating every single day where no one knows how long this virus will live with us and how this tremendous global effect will last, unlike the great recession, that was to some extent at the circle of the government influence but this pandemic is just like a train moving on no rails.
In a nutshell,others include, stock market, GDP, Inflation etc.
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