Would USA be Able to Recover the Collapsed Economy after The COVID19 Pandemic
Since the start of 2020 the world is going through severe health and economical crisis due to the global outbreak of the COVID19 pandemic. Doubtlessly it was a never-before situation and no country had a clue about how to deal with this extreme situation which eventually affected all the industries badly; and no need to say that it affected the economy leader US as well.
While this rapidly spreading virus made the healthcare system clueless about how to deal with, Governments started taking economically rude decisions to somehow get control over the crisis. It wasted a huge amount of the GDP to backup the the healthcare system, compensate the life losses and to re-alive the industries after the situation is somehow came under control. On the other hand, during this time government had to digest almost zero collection of revenue which was supposed to be collected from various types of taxes, export and other businesses.
As per a report, by April 2020 more than 22 million US citizens lost their job which badly impacted in the overall economy of the country and making it worse, the number of unemployed people keep going high rapidly. Actually, there were businesses which remained paused or partially opened for several months and they were going through tough time to adjust the fund.
Meanwhile, the countries which were in better condition, like China, Africa, either because of less impact on public health or by getting control over the disease, started taking advantage of this crisis situation by multiplying their production and booming as new economic zones.
The US government has understood that they need a powerful strategy to grab the bull by its horn and to comeback as the leader; however the losses were huge and the gap is very high.
So, it’s the wise decisions of the leaders and dedication of the country that can minimize the losses. Though as per economical experts, China is giving US a tough fight which can be a good challenge for the US team.