The global and domestic economy has been disrupted by the outbreak of COVID-19. This has had a serious effect on different industries and markets, including those of the United States. In the past, the U.S along with other countries in the world have survived through some “dark” economic times, whether that was the 2011 Eurozone crisis or the 2016 Oil crisis, but this is probably going to change due to the increasingly high number of COVID-19 cases.
So far we know that COVID-19 can be life-threatening to individuals over the age of 60 with some health conditions and less harmful to those at a younger age. Although there were a small number of confirmed cases in the U.S. since the initial outbreak, the number of confirmed cases increased exponentially at the beginning of March. There have been 1,016 cases since COVID-19 appeared and if no strict measures are executed or a vaccine is found any time soon, the numbers of cases will look similar to those in Italy (10,149 cases / 631 deaths), Iran (9,000 cases / 354 deaths) or South Korea (7,755 cases / 61 deaths).
Currently, the United States is in the top 10 countries that have the most reported infections of the novel coronavirus, with 1,016 cases and 31 deaths. Globally, there have been more than 4,375 deaths and over 120,000 individuals infected during the outbreak. Coronavirus cases have risen by 27% daily in just the first week of March, which means that by the end of the month, the confirmed cases may reach 140,000.
Economic decline in the U.S. will be caused most likely due to prudent measures to stop the spread of COVID-19 and protect vulnerable community members. There are actions being taken as we speak in different places around the world, with events being cancelled, flights being postponed or cancelled, cities are on lockdown and some businesses have closed or employees work from home. The above actions taken are to be applauded as it will ultimately help contain the epidemic, but it will come at a massive economic cost, something that we all must accept and overcome in the future.
So how do we help the situation instead of making it worse? In order to slow the spread of the virus, it will require a global behavioural change and this is when various sectors and industries may suffer, which will cause a ripple effect of lost income and demand across the U.S. and across other continents too.
Consider the following fact: COVID-19 is not necessarily a big threat to healthy and non-elderly people. The basic principles must be applied. Ensure you wash your hands regularly, avoid touching your face, avoid large crowds of people and tend to the elderly or weaker individuals if they need something from outdoors. If you feel are experiencing flu-like symptoms or flown in from a country that has experienced the virus at a larger scale or if you have come in contact with someone who has been infected by the coronavirus, then contact your doctor as soon as possible.