There were economic's impact from financial crisis 2008 and also there are economic's impact from covid-19 in 2020. Knowing that some of the economies were not much affected, Consider only Emerging and Developed Economies in differentiating.
The difference between the impact of financial crisis of 2007-2010 and the covid-19 (2019-current) is that the financial crisis had more of a negative impact on the financial stability of major economies due to its overall negative effect on the global financial and capital market which resulted in lack of investor confidence in bank solvency and decline in credit availability leading to plummeting stock and commodity prices which caused a lot of global shocks and bank failures.
Covid-19 impact on the economies has negatively affects global production and trade. A lot of economies have recorded trade deficits in their balance of payment. The other impact has been on downsizing of workers which has negatively affected government taxation which has resulted to most government to reduce their spending during covid-19 lockdowns.
In the 2008 GFC the "too big to fail" banks were saved at the expense of citizens pensioners and homeowners. Afterwards, the banking industry continued as if nothing had happened; they certainly did not analyse / reflect on their risk-taking strategies & the short term bonuses: neo-liberal free-market thinking prevailed. (See e.g. https://www.theguardian.com/commentisfree/joris-luyendijk-banking-blog)
Meanwhile the financial world is changing and the broader stakeholder perspective gets more track. Effects of climate change are much more visible and so are other global wicked problems. Society and ecology (people, prosperity, planet, purpose & principles) gain more acceptance than only economic measures (profit). Covid19 has an impact on international trade and on national economies. There is more awareness that financial rescue packages should take this wider approach. See e.g. the recent packages issued by the US Biden government.
In one aspect, no difference is between the two so seemingly different items'. Both show the limited prognostic power in forecasting. Both forms of crises can demonstrate that high artificial buildings of thought in economics are crashing when not acknowledged side-effects come into the game, eithr the Lehman brothers or a simple human virus which brings the world economy nearly to a stillstand.
One obvious difference is in the policy response in relation to business financing. In GFC, governments sought to recapitalise (shore up) banks and assumed they would relax lending to business. In the Covid-19 crisis, governments generally initiated loan guarantee schemes to de-risk direct lending. Subtle but more direct and effective policy response to tackle similar problem of liquidity and credit rationing in the business sector.
The financial crisis had more of a negative impact on the financial stability of major economies due to its overall negative effect on the global financial and capital market which resulted in lack of investor confidence in bank solvency and decline in credit availability leading to plummeting stock and commodity prices which caused a lot of global shocks and bank failures.
Covid-19 impact on the economies has negatively affects global production and trade. A lot of economies have recorded trade deficits in their balance of payment. The other impact has been on downsizing of workers which has negatively affected government taxation and there is more demand and less supply of production in market thats why the problem of inflation also rises , due to this the finance of india
If you want a general response, personaly I didn't really felt the real impact of 2008 crisis in my every day life. However in the COVID19 crisis everyone in every country devoleped and devoloping countries was toutched in person (loans, wages, ...). This simple example may reflect the real scope of coronavirus crisis compared to GFC.
Now scientifically, an econometric model such as switching models permits to compare financial or economic key indicators under these tow crisis, btween devileped and devolping countries. Spatial econometric models may help in identifying the difference btwwen the tow crisis. I think there are spatial autocorrelaions between countries' economies due to geographical "voisinage" that may increase the impact of COVID19 on economies which is not the case in the GFC case.
There are many differences between the global financial crisis in 2008 and the current economic slowdown, the economic recession in 2020. The differences concern almost every aspect of the crisis, incl. concerns the sources of these crises, their nature of development, the type of determinants of negative impact on individual industries and sectors of the economy, the importance of specific risk categories, improvement of financial and pandemic risk management, applied instruments to improve the effectiveness of financial and economic systems, applied anti-crisis instruments and pro-development economic, etc. I conduct research on this issue. I have published several works (articles, chapters of monographs) on the global financial crisis of 2008, identifying the sources of this crisis, applied instruments to repair the operation of financial and banking systems in the Anglo-Saxon financial system model, applied public aid to the banking sector in order to maintain liquidity and reduce the scale of the financial crisis, etc. I am currently conducting research into the analysis of the negative economic effects of the current SARS-CoV-2 (Covid-19) coronavirus pandemic. He is willing to join research projects aimed at precise diagnosis of differences between the above-mentioned crises, taking into account horizontal comparative analysis, i.e. comparisons between individual countries. The comparative analysis may take into account, inter alia, such issues as differences in the development of crises, the scale of negative economic effects, changes in the rate of economic growth, the level of significance of source factors and determinants of the development of crises, applied anti-crisis programs and instruments of fiscal, budget, sector, and monetary policy, etc., used to reduce the scale of the crisis and quicker recovery a national economy from a specific financial and / or economic crisis.
Considering the case of Greece and probably other countries , there are two main problems .The first one is that Greece specifically hasn't bounced back from the recession of 2008 , because the pact reached the country at 2010 as it was transported .Note that in 2015 the country went under capital control system .The other factor was that not one economy could ever anticipate such a pandemic , including the fiscal concequences , so it was even worse for a country already going through an economic crisis.
Unfortunately, many will elaborate on the outcomes of these crises without tackling causation. It is within these differences that allows one to connect the dots to their respective outcomes. There are alot of "agendas" buried within the fabric of these crises that flamed them.
The financial crisis such as the one in 2008 originated from the financial sector and was not felt by every single individual on the planet Earth. The COVID-19 crisis originated from the health care sector and every individual on the planet Earth was forced to modify his/her life style to deal with it. But both crises have one thing in common called model risk. The financial crisis is the result of faulty models used by financial institutions to assess risk. The COVID-19 crisis is the result of faulty health care models which failed to factor in human errors and externalities.
The difference consists of many point: (1) contrary to a 'normal' economic crisis, entrepreneurs had no preventing signals from the market (stepwise diminishing demand, growing stocks etc.) that the conjuncture would change suddenly. At least, my data from GEM 2007 Russia have shown that most of the entrepreneurs felt worsening al least 6 months before teh crisis happened; (2) lockdowns are not economic but exogenous shocks, (3) destroyed supply chains lead to massive problems not only on the side of demand, but also on the side of supply. Thus, in my understanding when speaking about the COVID-19 related developments as a crisis, we are simplifying the situation. It is not a crisis, it is rather something similar to a war.
The financial crisis created more profound damage at business and industrial levels, and it needed more than 5 years to start seeing some economic rebound, so industries were unable to stand up immediately. However, Covid crisis created more systematic risk (more spread of damage but with less intensity) and industries were able to refresh their activities just after the lockdown ended (see how energy prices started to rise). In other words, 2008 crisis was caused by structural economic, and financial fundamentals (so firms had exhausted their financial backups which triggered the crisis), whereas, when covid crisis hit, businesses had already some financial backup to maintain themselves at least for the short-run, so, its a question of business resilience. I think businesses are more resilient during Covid so they can absorb negative impacts in the short run.