One Big Thing: The Economic Implications of Coronavirus
Should the US government coordinate a global response to address the economic implications of COVID-19?
What is it?
- As the Coronavirus pandemic continues to spread, its economic implications have been felt here in the United States and around the world. Many standard economic indicators including the Dow Jones Industrial Average faced their worst quarter ever, dipping up to 25% (over 800 points) since the outbreak began while other gauges like unemployment have risen sharply.
Why is important?
- The United Nations’ conservatively estimated that the Coronavirus’s economic implications will reach $1 trillion during only 2020. The UN also pointed out that developing economies will be hit the hardest and have less resources to deal with the effects.
- Many experts believe that the sharp economic contractions that the U.S. faced in March will continuing through the second quarter of 2020. Aside from the record setting $2 trillion economic-rescure package passed last week, Congress has also voted three other stimulus packages into law
- While the United States government needs to protect Americans, many believe the only way out of this global pandemic, is a global response. Børge Brende, President of the World Economic Forum writes in USA Today, “…Recovery is only possible through coordinated global action.” Learn more about how governments, central banks, and international financial institutions like the World Bank and IMF have begun to mitigate the anticipated economic impact of the virus from the Atlantic Council.
What can you do?
- Continue to follow the CDC and WHO’s recommendations to minimize the spread of Coronavirus. The sooner the pandemic is over, the sooner the economy can return to normal.
- Check out Amnesty International’s assessment of the global coronavirus response and learn more from Brookings about what we can do in the U.S. to mitigate the economic effects of coronavirus.
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