Question

1. What are the implications to the US economy in 6 months, 1 year, and 5 years due to the COVID-19 pandemic? Please give specific examples.
2. How will this situation change international business as we knew it or will it resume as it once was? Please give specific examples.

Answer 1

COVID-19 has effected the world so badly that currently, more than 175 countries are suffering from the effect of COVID-19. The worst part of COVID-19 is that there is a cure made for this virus and people are dying every day in different parts of the world. The country which is having the most number of COVID-19 cases is the USA and no doubt its economy has been scattered. People are having no work to do and they are ordered to stay at there home and be safe as life is more precious than work. US economy is divided into various parts and because of that, their economy stood up. 70% is contributed by the consumption and because people are quarantined at there homes then there is no such kind of consumption happening. Investments are having 20% which helps the economy to grow and the rest percentage is taken by restaurants, movie theatres, manufacturing, etc. So every time is shut down and it will approximately take 3 years to the USA to recover back it's economy which was before this COVID-19 pandemic.

The current situation is so worst that business around the world is going very badly. Most of the countries are having a lock down and because of that people are not allowed to do business. It has affected each and every country at a huge level and it will take 1-2 years to recover their original spot. For example, the US imports fuel in huge numbers and because of the COVID-19 pandemic the import and export of things are stopped and almost every country is suffering from a shortage of various things.

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