How did the COVID - 1 9 pandemic affect nominal GDP growth in the United States in 2 0 2 0 , and what was the initial reaction in the stock market? It led to a decline in nominal GDP growth of - 3 , 5 % and the stock market initially declined significantly before recovering. It increased nominal GDP growth by 2 % and the stock market increased significantly on the news It caused no significant change in nominal GDP growth and the stock market was unaffected