This year is something which you will remember… Or wants to forget. With this deadly coronavirus, civil unrest and rampant political demagoguery have shown that it is challenging. Concerning this, there are many things that we know and there are thoughts on what has occurred and what may lie ahead.
And so the coronavirus disease has harmed both health and as well as the economic crisis all around the globe. The pandemic has disrupted lives and pushed hospitality to its capacity and caused a global economic slowdown.
From starting till the date COVID-19 has interrupted the US economy, which has widespread and affected all age groups, and mostly the older people have to face the impact. This is the death and cases stage in the US but the economic impact is also very bad across different age groups and geography.
Economic Impact of COVID-19 Pandemic
The COVID 19 impact has created a huge loss of life but also devastated the nation’s economy.
And therefore similar to the excess mortality concept, the pandemic economy is impacted and calculated by the difference between what is expected and what has happened during this period. How badly the COVId-19 has devastated the state and another geography economy.
The ratio of employment in comparison with the number of people is one of the measures of economic activities that share the population 16 years and older working full- or part-time.
And another big track which can be noticed to measure the economic activity which shares the population 16 years and older working full- or part-time. And beyond this, the other people measure economic activity by the unemployment rate, percent of the population with unemployment insurance requirements, consumer spending, and small business employment.
Diminishing employment is the major cause of employment loss in the country due to the pandemic. The economical trend was predicted at a 61.3% ratio but it turned out to be 51.5%.
Impact of COVID-19 Varied by Geography
When COVID-19 hit the US, death was caused directly or indirectly and spread highly geographically concentrated.
If you will talk about half of the nation the excess death was just in two states: New York and New Jersey.
But as it was more geographically widespread, the economic impact was completely different.
Almost every state has seen a statistically significant decline in the employment-to-population ratio during that time.
As per the stats, there was a weak correlation between increased mortality rates and negative economic impact across states.
The COVID-19 impact on the economy has been drastic. People have left their jobs and unemployment has increased.
But after a year the things sour coming on track and businesses again started working fine. The organization has learned how to work during pandemics and how to achieve the goals in such crises.