The global financial crisis has strongly affected the world economy. The immediate initiator of the crisis was the collapse of subprime mortgages in the United States, while the causes were doctrinal and pragmatic solutions that have been prevailed in the West for long period. In the conditions of a globalized economy, there was no national economy that was inert to external disturbances. However, the interventions of nation states in the financial and real sector stopped the decline in economic activity, including the financial market. Negative changes in the capital market were caused by the global Covid-19 pandemic. Besides endangering human health and pressure on the health system pandemic has led to difficult and complex situation in the financial markets. Crisis management strategies and measures are implemented at the national and international levels. Experts estimate is that after a strong contraction, recovery will start this year (2021). It is predicted that after the Covid-19 crisis, the capital market will be an opportunity for companies and investors. The aim is to present the concept and the causes of the financial crisis in 2007, as well as pandemic Covide-19 and thereby point out the consequences of the recovery plan. Finally, the effects of the financial and Covid-19 crises will be compared, both at the global level as well as at the level of the Republic of Croatia.