Impact of COVID-19 on the United States Economy

Impact of COVID-19 on the United States Economy

COVID-19 is a viral disease. It is associated with the following Signs and symptoms; cough, fever and shortness of breath. In more severe cases, infection can cause severe acute respiratory syndrome, pneumonia and sometimes death. Standard recommendations to prevent the spread of COVID-19 include frequent cleaning of hands using soap and water; covering the nose and mouth with a flexed elbow when coughing and sneezing; and avoiding close contact with anyone that has a fever and cough. https://www.who.int/docs/default-source/coronaviruse/who-rights-roles-respon-hw-covid-19.

 

COVID-19 has led to several negative impacts to the United States economy. Loss of jobs is one of the impacts. Many people both young and old have been rendered jobless due to COVID-19. The less educated, women and lower wage earners lost their jobs in big numbers. Congressional Research Service. (2021). Unemployment rates during the COVID-19 Pandemic. https://crsreports.congress.gov/

 

COVID-19 has led to Loss of lives in the United States of America. Children, middle aged and the old people have died due to COVID-19. The statics on the number of deaths have been varying since the outbreak of COVID-19 United States of America. https://www.who.int/news/item/13-10-2020-impact-of-covid-19-on-people’s-livelihoods-their-health-and-our-food-systems

 

The hotel industry has been immensely affected negatively by the COVID-19. Most of the hotels have been closed down to help curb the spread of COVID-19. In order to ensure social distance, most hotels have not been in operation since the time COVID-19 hit the United States economy. Economic Commission for Latin America and the Carribean. (2020). Impact of COVID-19 on the United States Economy and the policy response. https://www.cepal.org/en/publications/45984-impact-covid-19-united-states-economy-and-policy-response

 

The United States of America currency has greatly been affected. There has been continuous devaluation of the currency as a result of COVID-19. The U.S. dollar lost its value for a considerable period of time. Marques, L. B, Erceg .C et al. (2020). Monetary and Capital Markets: COVID-19 Shock and Multilateral Aspects of Foreign Exchange Intervention and Capital Flow Management Policies, p.p. 1

 

Hospitals in the United States of America have been strained for a great period of time. Patients infected by the deadly Corona Virus have been flocking the hospitals for treatment. The nurses and the doctors have had to work for long hours as a result of increased number of patients.  Scientific American. (2021). COVID overwhelmed hospitals Strain Staff and Hope to avoid Rationing Care. https://www.scientificamerican.com/article/covid-overwhelmed-hospitals-strain-staff-and-hope-to-avoid-rationing-care1/

 

In conclusion, COVID-19 has led to loss of jobs, lives, devaluation of the U.S. Dollar, closure of businesses as well as strained hospital equipment and personnel.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

References

 

https://www.who.int/docs/default-source/coronaviruse/who-rights-roles-respon-hw-covid-19.

Congressional Research Service. (2021). Unemployment rates during the COVID-19 Pandemic. https://crsreports.congress.gov/

 

https://www.who.int/news/item/13-10-2020-impact-of-covid-19-on-people’s-livelihoods-their-health-and-our-food-systems

 

Economic Commission for Latin America and the Carribean. (2020). Impact of COVID-19 on the United States Economy and the policy response. https://www.cepal.org/en/publications/45984-impact-covid-19-united-states-economy-and-policy-response

 

Marques, L. B, Erceg .C et al. (2020). Monetary and Capital Markets: COVID-19 Shock and Multilateral Aspects of Foreign Exchange Intervention and Capital Flow Management Policies, p.p. 1

 

Scientific American. (2021). COVID overwhelmed hospitals Strain Staff and Hope to avoid Rationing Care. https://www.scientificamerican.com/article/covid-overwhelmed-hospitals-strain-staff-and-hope-to-avoid-rationing-care1/