User:Siyuxu/COVID-19 pandemic in the United States

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The impact of the COVID-19 on the U.S. economy.

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COVID-19, whose full name is Corona Virus Disease 2019, was announced by the World Health Organization in Geneva, Switzerland, by Director General Desmond Tan, who named the new coronavirus infection pneumonia "COVID-19" Symptoms are fever, dry cough, weakness through direct transmission, airborne transmission and respiratory transmission.

The COVID-19 pandemic has caused an economic and public health crisis globally. It disrupted everyday life and the global economic shutdown during the lockdown. The average business performance had to be restricted to contain the spread of the virus within the country. The pandemic exacted a significant drop; the International Monetary Fund IMF has estimated a global median in the GDP of 3.9% from 2019 to 2020; this is the most underperformed result since the Great Depression, and below 3% with had been expected (Bauer et al., 2022). The pandemic has caused the death of up to a third of the American population. Still, it has generated an economic crisis that has resulted in a financial shock, supply shock, and demand shock, all within one year.

With the vaccines adopted, the country has tried to boost its economic performance and recover from the pre-pandemic projection, which is below the average. Voluntary social distancing and lockdown initiatives used to isolate individuals from public places to reduce the spread are anticipated to cause an economic fall as the financial capacity to produce goods and services declines. Additionally, quarantine and business closures caused demand shock as unemployment and customer service were limited (Kruger et al., 2020).

Employment opportunities that had shown a positive trend in performance (high rate of employment for women than men) were quickly reversed as most individuals lost their jobs during the lockdown. Alternatively, there was a shift in household spending; retail sales declined by 8.7%, not proportional to some regions realizing a significant increase in groceries and pharmacies. In May, after the government lifted the COVID-19 restriction rule, there was a considerable increase in the general economy; retail sales increased by 17.7% in less than one month (Bauer et al., 2022).

The economic impact of COVID-19 on the U.S. was mainly reflected in data such as employment rates. Tens of millions of people lost their jobs in 2021 due to the epidemic, and although unemployment rebounded after a few short months, 10 million families still found their daily lives difficult and did not have enough food and wages to pay their rent. Following the enactment of the American Relief Plan Act on March 11, 2021, the government awarded $1,400 per month to families in society with such wheel men, which greatly reduced the unemployment rate and the number of people in food hardship.

Because the virus was so contagious and droplet-transmitted, the government had to force the closure of all public places and restaurants that required the removal of masks, which caused a catastrophic blow to the U.S. economy and a dramatic drop in employment for 10 years.

Reference
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New data show economic impact of COVID-19 on Arts & Culture Sector. New Data Show Economic Impact of COVID-19 on Arts & Culture Sector. (n.d.). Retrieved April 11, 2022, from https://www.arts.gov/about/news/2022/new-data-show-economic-impact-covid-19-arts-culture-sector

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Bauer, L., Broady, K., Edelberg, W., & O'Donnell, J. (2022, March 09). Ten facts about covid-19 and the U.S. economy. Retrieved April 30, 2022, from https://www.brookings.edu/research/ten-facts-about-covid-19-and-the-u-s economy/#:~:text=COVID%2D19%E2%80%93related%20job%20losses,2020b%3B%20authors'%20calculations).

Kruger, S., Maturana, G., & Nickerson, J. (2020). How has COVID-19 impacted research productivity in economics and Finance? SSRN Electronic Journal. doi:10.2139/ssrn.3745226