Question

What is the estimated total cost of the crisis in each of these three countries?USA, UK, and Germany State clearly the source of the estimates. What factors explain most of the total cost of the crisis in each of the countries??

Answer 1

world's large economies affected by current covid -19 crisis. USA has estimated a total cost of 498billion expenditure due to the crisis. Uk spended about 210bn pound, they want to borrow another cost of 300 bn pound to manage the crisis. Germany spends 750 billion euro to manage covid -19 impact.3 countries gdp also contracts, us estimated a loss of 4.7℅loss in gdp, but both uk's and Germany gdp largely affects .uk estimated a contraction of gdp - 20.4℅ and Germany gdp shrank 20.6℅. The major factors affected : during lockdown industries , shops, manufacturing etc are stopped this causes sudden decrease of economy,Govt expenditure on health increases due to the covid -19, People loss their jobs during the crisis, export and import stopped, market closed, these are the major factors affected most of total cost of crisis in many countries.