COVID-19’s Effect on the Economy

COVID-19's Effect on the Economy

Logan Calder, Writer

On december 31 of 2019 the first case of Covid-19 was reported in wuhan and quickly spread throughout the world and caused panic among billions. Though at first the virus didn’t grow incredible first, after two months it grew exponentially infecting millions in just a few months and killing thousands of elderly and immunocompromised people. Not only did it pose a huge health risk it also caused a huge economical crisis and simultaneously tanked the stock market and drove housing prices into the ground. After june of 2020 the economy slowly moved towards recovery but then another wave hit and caused another economic problem, Job loss. The number of unemployed people went from 6.4 million to 20.5 million in four months destroying a lot of people livelihoods and businesses. Many officials believed the best thing to do when the pandemic hit was to shut down the country and make entire cities stay home, however even the president said ” Closing the country will only cause more problems than if we let it stay open” this is talking about how closing the country would kill business, jobs, and stock market prices. Now in october the economy is making a comeback, even though another wave is predicted it is said that the economy will make a near full comeback by the early to middle 2021. So even though there has been some debate on weather or not the economy will make a recovery there is still some hope for normalcy in the next year or two