IMO its long term effects will be minimal. It's a recession originating from a special crisis, which, even if the most pessimistic scenarios are confirmed, will not last for ever. This means that the markets will receive some dramatic hits, but they will gradually recover, regaining their strength in probably less than a year. Not to mention the fact that once such sudden "disasters" are overcome, we usually experience an economic boom of however limited duration. On the contrary, systemic issues, like that of 2008, lie in the structure itself of the economy and are much more difficult to fix. Even impossible, sometimes, without breaking some eggs. I'd argue that Europe and the US even today have not completely recovered from 2008, but that won't be the case for the coronavirus collapse. Just my uneducated two cents.

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