Economical: Disaster.
Political: Will give rise to populist parties.
I agree with the first part, to an extent. But let's not forget the fact that in most of the affected nations, the economy is recovering despite the increasing number of new cases and deaths from the pandemic. And secondly, a number of populist politicians and parties have lost as a result of the pandemic. The best example is that of Donald Trump. He could have easily won the POTUS 2020 elections, if the pandemic was not there.