How Does Covet-19 Affect The Economy?

How Does Covet-19 Affect The Economy? 

Written by: BJ Yost

If you have been up to date with news you know that the Covet-19 virus or Corona virus is the big news and it’s putting many businesses out of work and it is taking our schooling away. We’ve been out of school for almost 2 weeks now and it’s not fun. Plus many people aren’t allowed to leave their house. When you go to the store many things aren’t stocked up. For example, when you go to the store and try and look for toilet paper there is none because of this virus. People are scared about going on a lockdown and they need these things to be able to last. That is why there's a shortage of a lot of foods and things we need in our everyday life. 

Coronaviruses are a family of viruses that cause disease in animals. Seven, including the new virus, have made the jump to humans, but most just cause cold like-systems. This virus is an airborne one so that is why you might see people walking around with things over their faces to make sure they don’t breathe that air in and catch this virus. This virus is nothing to joke about but if you look at the graph you’ll see the death rate of the different age groups. As you can see that if you are older you are more likely to die. Worldwide there have been around 19,000 deaths. But there have been around 423,000 cases worldwide 

Traveling has been canceled from lots of people if not all, many peoples trips have been canceled due to this virus leaving many hotels and tourist attractions out of business. Around 4 million hotel jobs have been lost. According to axios.com “Some 45% of all hotel jobs have been eliminated or will be eliminated in the next few weeks, says the American Hotel and Lodging Association. Current forecasts of a 30% drop in hotel occupancy over a full year would result in the loss of nearly 4 million hotel jobs, from general managers to housekeepers.” Many people in the hotel industry are being affected but there are many others.

This is not only the economy but in the income that big names are getting. The NBA is suspended, the NCAA tournament is cancelled, parades and big events are being postponed or canceled. For example, summerfest was in Late June early July and it now got moved to early September. Many people that were even trying to go somewhere and see family can’t do that anymore. Another great example of people losing money is this “Last weekend, Ms. Masching, a broker with Redfin in Silicon Valley, got three offers on a $1.2 million home she had listed in Mountain View. But by Monday, two people had rescinded their offers and the third tried to back out.” Ms. Masching is out of money and not able to work her job like millions of others in the United States and in the world. Not only is this going to ruin our economy but this is a disaster that we need to fix. 

Works Cited

Casselman, Ben, et al. “Coronavirus Cost to Businesses and Workers: 'It Has All Gone to Hell'.” The New York Times, The New York Times, 15 Mar. 2020, www.nytimes.com/2020/03/15/business/economy/coronavirus-economy-impact.html.

“Coronavirus Cases:” Worldometer, www.worldometers.info/coronavirus/.

Drum, Kevin. “Bern Researchers Produce New Coronavirus Fatality Estimate.” Mother Jones, 7 Mar. 2020, www.motherjones.com/kevin-drum/2020/03/bern-researchers-produce-new-coronavirus-fatality-estimate/.

Gulland, Sarah Newey; Anne. “What Is Coronavirus, How Did It Start and Could the Outbreak Grow Bigger?” The Telegraph, Telegraph Media Group, 25 Mar. 2020, www.telegraph.co.uk/news/2020/03/25/what-coronavirus-covid-19-start-grow-outbreak-pandemic-health/.

Muller, Joann. “Hotel Industry Could Lose 4 Million Jobs from Coronavirus Impact.” Axios, 17 Mar. 2020, www.axios.com/hotel-industry-lose-4-million-jobs-coronavirus-7cae41a2-ebc0-4ddd-ae00-e92cff4abafc.html.