Impact and consequences of the COVID-19 virus on the economy of the United States

Abstract

The crisis caused by the COVID-19 virus is not just a global health crisis. The impact of the pandemic, caused by this virus, has strongly affected almost all vital economic sectors of the United States, which has seriously affected the global economy and other financial markets around the world. Significant declining incomes at all levels, rising unemployment, and disruptions in the industrial and transportation sectors are just some of the consequences caused by this virus in the economy of the United States. As the COVID-19 pandemic continues, the United States strongly opposes further reductions in economic growth and profits with several measures taken to mitigate the effects of the virus. In that sense, proactive action by the Government of the United States is necessary to protect economic prosperity and maintain sustainable economic growth for a longer period.

The Impact of Social Networks on Public Opinion and Economic Behavior During COVID-19: A Comparative Analysis of China and the United States

“…In 2019, the tourism industry in the US contributed 2.99% to the US GDP and nearly decreased by half in 2020 with a contribution of 1.54% [38]. Unsurprisingly, it has caused a reduction in the US GDP from 21.38 trillion dollars to 20.06 trillion dollars [39]. In the meanwhile, China's tourism industry has contributed to the economy by 4.56% in 2019 and only decreased by 0.55% in 2020 [39,40].…”

“…Unsurprisingly, it has caused a reduction in the US GDP from 21.38 trillion dollars to 20.06 trillion dollars [39]. In the meanwhile, China's tourism industry has contributed to the economy by 4.56% in 2019 and only decreased by 0.55% in 2020 [39,40]. However, during the COVID-19 outbreak, China's GDP did not decrease but increased, indicating a success in its COVID-19 prevention to avoid dramatic economic contraction [33].…”

How Amazon went from an uncertain online bookstore to the leader in e-commerce

“…"The crisis caused by the COVID-19 virus is not just a global health crisis. The impact of the pandemic, caused by this virus, has strongly affected almost all vital economic sectors of the United States, which has seriously affected the global economy and other financial markets around the world" [10]. However, it was not the case of Amazon.…”

New challenges for banking, financial services and insurance

“…Studija vodeće američke komunikacione platforme Twilio [5,6] na 2569 preduzeća u SAD, Velikoj Britaniji, Nemačkoj, Australiji, Francuskoj, Španiji, Italiji i Singapuru pokazala je da je pandemija COVID-19 ubrzala strategiju digitalne komunikacije u proseku za šest godina. Za samo tri meseca 2020. godine e-trgovina u SAD porasla je koliko i u proteklih deset godina [7], a u Velikoj Britaniji udeo e-trgovine u maloprodaji porastao je za 40%.…”