The Danger of Coronavirus
As we all know about the ongoing worldwide pandemic of Coronavirus disease, this new infectious disease can be caused by an acute respiratory syndrome Coronavirus 2. It is an epidemiological warning to the world by risking the lives of people.
Covid-19 was first confirmed in the United States in January 2020 in Washington state. The cases have been confirmed in all the 50 states of the US, the District of Columbia and all the settled territories of the US. Talking about the present date, the United States has the most active cases which include 54916 confirmed cases and 784 deaths due to Covid-19 around Seattle, New York City, and California.
How it got started?
The first case of Coronavirus in the US, in Jan 2020 was confirmed in a middle-aged man, who has been returned from China. At the initial stage, a Coronavirus task force was established followed by the declaration of public health emergency by the president of the United States. From Jan to mid-March, the United States got off to a slow start in the testing of the virus.
The health officials of America have identified many victims of Covid-19 till date with the observation that the virus is spreading from person to person. Though the Covid-19 virus is spreading at a quick rate, the lack of testing has impaired the efforts of health workers to track the infection.
How Coronavirus affected the Economy?
The risk factors are high, so the result would be definitely highly poignant! The economy analysts have already estimated the contraction in the economy by 24% during the second quarter of 2020. Also, some are estimating that it is causing the rise to the recession.
Let us have a look at some other impacts of Covid-19!
- Domestic Travel
As the rise of Coronavirus is related to the pilgrims, so its effect on travel is obvious. Due to the outbreak and sudden drop in travel demand, most of the American and foreign airlines began cutting back on domestic and international airlines in mid-march.
- Employment Impact
Post Covid-19 outbreak, the number of persons filing for unemployment insurance has seen a rise, which is the largest percent increase since 1992. The unemployment rate could rise to 9% over the second and third quarters.
- Retail Industry
Many of the retailers, particularly grocery stores, have reduced their opening hours to allow additional time to restock and deep-clean their stores. Major stores such as Walmart, Apple, Nike, Albertson’s have also shortened their hours. Many supermarkets and retailers have placed a limit on certain products including sanitizer, cleaning supplies, etc.
To prevent the further spread of infection, public health officials and political figures have taken steps to isolate the infected patients, imposing quarantines, and advising people to maintain social distancing in group activities including school closures, retail stores, workplaces, any kind of events or activities.
- Lockdowns!! With the rise in the cases of Coronavirus, a number of cities and states have imposed lockdown measures, making people limited to travel, shop or work away from their homes.
- Closures of schools, events cancellation, prison impacts are the other effects of Covid-19. From small to large enterprise, business or media industry, everyone is facing a huge loss in their fields.
Coronavirus can have disruptive effects on the economy! From disturbing the global supply of goods, it is reducing labor supply on one end and slows down the demands for US products and services. Covid-19 will most directly shape economic losses through the medium of supply chains, demand, and the financial markets. It will affect business investments, household usage, and international trade as well.