As the COVID-19 pandemic hits USA, we are all wondering how it is affecting the U.S. economy. There are several factors at play here, such as the impact on women, industrial sector and agriculture. In this article, we will explore some of the key issues surrounding this pandemic. The impacts of this disease are discussed, as well as the possible ways to reduce its impact and also examine how COVID-19 is affecting the women’s sector in U.S.
Economy
The pandemic caused unprecedented loss and disruption worldwide; no country was spared. Impacts are evaluated across three sectors: health, poverty, and the informal sector. COVID-19’s disproportionate effect on each sector is a cause for concern. The occurrence of the COVID-19 pandemic has triggered panic among investors, who feared that their startups would be unable to get financing.
CNBC posts the largest drop in its history, falling upwards of 12% during the coronavirus lockdown. However, the news that the country’s stock markets have posted their biggest gains in 11 years comes as a welcome surprise, as stock market indexes report a gain of over $1.5 trillion.
While the impact of the COVID-19 pandemic on the U.S. economy is unlikely to be as severe as the one that occurred in 2009, the financial sector may be more heavily hit than any other. In times of crisis, banks often provide a crucial service to consumers. The pandemic is expected to impact the financial sector hard, and problems will multiply. Further, this pandemic may also have a negative effect on the stock market.
In addition to the economic and health consequences of the COVID-19 pandemic, the virus has wreaked havoc on the young population. Currently, young people are overrepresented in informal work, and are therefore at risk of long-term unemployment, which could affect their employment and earnings throughout their lives. According to the London School of Economics’ Centre for Economic Performance, the number of young people unemployed is disproportionately high in low-income states. With the working class receiving less than 2% of the benefits of the aforementioned $1.5 trillion.
While the economic impact of COVID-19 on the U.S. economy may be averted in the immediate term, it can come to stabilize if the appropriate measures are considered. However, government revenues will likely recover much slower than the GDP if the first wave of the virus recedes. Moreover, the economic damage will likely be greatest for the poorest households. The government may have to raise fiscal expenditure to help offset the loss.
Women
The impact of COVID-19 on women and the economy will be disproportionately severe, with those in poverty and marginalized groups suffering the worst consequences. Women are overrepresented in the industries that will be most affected by the virus, with forty-six percent of women employed in these sectors, compared to three-six percent of men. These sectors often feature informal employment, which is often characterized by poor pay and poor working conditions. Women also tend to be disadvantaged in the economic system, as they are not afforded the social protection and other benefits of formal employment.
Women in low-wage occupations will benefit from increased workplace flexibility. If schools remain open, these workers may be able to accept more lucrative positions, such as those that require traveling. However, since the economy of the U.S. is already fragile, the effect of COVID-19 on women’s employment could be devastating. Women may also see fewer promotions and bonuses due to less face-to-face time.
The COVID-19 epidemic is already having a devastating impact on women’s economic status. Previously, women performed 75% of the household and care work. This will only increase as the virus continues to spread. As a result, women will be forced to supervise home schooling and do other unpaid work. In addition, women will have to increase their work to keep the household running. This is a challenge for many women, especially those who are trying to balance work with household responsibilities.
In addition to the social effects of the disease, COVID-19 may also affect the supply chain for sexual and reproductive health commodities. In Latin America, for example, the “Zika crisis” impacted women’s access to sexual and reproductive health services, with informal networks controlling access to the commodities. These conditions may make the COVID-19 pandemic worse for women and increase the number of cases of domestic violence.
As a result of the rapidly spreading COVID-19, many non-profit organizations in the area are modifying their services. The European Family Justice Centre Alliance, which builds cross-sectoral co-operation and provides professional guidelines, has released guidelines on how health care services should be provided. While some service providers are shifting toward electronic delivery, it is important to note that this does not completely eliminate the problem of women feeling afraid to report abuse. Many abusers control women’s computers, and their ability to report violence is greatly diminished.
Industrial Sector
The COVID-19 pandemic has impacted manufacturing firms in many developing and emerging economies. Small and medium-sized enterprises have been hit the hardest by the crisis, requiring longer periods of recovery. Over 70 percent of these firms are in the private sector. Several studies have been conducted to assess the impact of COVID-19 on the industrial sector. The impact of the COVID-19 pandemic on the private sector is expected to be profound.
A recent study has examined the COVID-19 outbreak and its impact on the industrial sector. While the general impact is minimal, it does affect the production of a number of industries. One of the industries affected by the outbreak is the electronics industry, which is highly dependent on China for its components. In fact, 85% of the total value of smartphones and televisions comes from China. Consequently, China’s factories were closed after the outbreak.
The effects of the pandemic extend to downstream and upstream supply chains, which could lead to comprehensive economic losses. The development of the globalization of the economy and trade liberalization has also increased mutual dependency among countries. As a result, national security incidents can disrupt trade and interrupt connections. In these instances, the overall economic damage of the COVID-19 pandemic could be greater than the original value. This article explores this issue further.
The COVID-19 pandemic disaster is likely to affect all aspects of the domestic economy, including production and consumption. While most of the country’s cities have been sealed off, less demand for public transport is expected to drop. Most domestic travel plans have been cancelled, and flights have been cancelled in many countries. Because of the public’s fear of the disease, the disaster’s impact on the service sectors is significant. Tourism, wholesale and retail trade, accommodation and catering sectors, and labor employment will suffer short-term losses.
During the initial phases of the pandemic, UNIDO began conducting rapid assessment surveys in several Asian countries. The UNIDO field offices produced a series of assessment reports. The rapid assessment surveys were accompanied by technical assistance from UNIDO’s PRS Department. These assessments have been used as benchmarks in analyzing the impact of COVID-19 on China’s economy. These rapid assessments also identified gaps and opportunities.
Education
In recent decades, specifically in 2020, it has been observed that educational officials have been forced to cancel the educational classes in the institutions due to pandemic. It has been witnessed that the students were not allowed to take classes due to pandemic and shut own of the educational institutions that’s why they were forced to take online classes. In this manner, they need access to various websites from which they could seek out education relating to their courses. Therefore, there is a platform such as assignment help UK where the students could take online classes and could be assisted in the academic writing.
It has been observed that the most efficient tool in keeping the student’s retention is to facilitate them with the online courses. Universities and other educational institutions throughout the US and the UK have adjusted their programs so that the students could continue their classes smoothly.
An example of Stanford university has been outlined here where the instructors take whole week online class. While another example of Washington university has also been highlighted where the management has ban all the physical classes and shifted to online virtual classes.
Agriculture
The impact of COVID-19 on agriculture is primarily measured as an increase or decrease in crop yields, middlemen’s prices, or no change. Other important factors to be taken into account are anxiety levels and food accessibility, as well as market fluctuations and pest outbreaks. Agricultural outputs are expected to suffer a decline in most affected regions. In addition, farmers in drought-prone areas may face ongoing financial challenges.
The long-term impact of COVID-19 on agriculture is not yet clear. In the short-term, agricultural inputs are likely to become more expensive due to devalued currencies and higher logistics costs. Furthermore, reduced remittances from the affected countries will also make it difficult for farmers to purchase inputs. Port and inland logistics disruptions may also lead to higher prices, although the effects of these costs may be partially offset by lower fertilizer costs due to lower oil prices.
Food stocks have dwindled for a while in many countries. Many countries had difficulty finding labor to help process agricultural products, as many steps of the production process require human resources. Furthermore, firms were forced to take extra precautions to avoid spreading the coronavirus to other workers. Without labor, food production was affected and food prices went up. The impact of COVID-19 on agriculture is expected to be substantial.
The COVID-19 impact on agriculture also highlights challenges of the agricultural sector in meeting the rising demands for food. With disease outbreaks and rising costs, factors such as food security, nutrition, and sustainability have become paramount. Thus, increasing crop production capacity has become one of the top priorities. Eco-friendly fertilizers may increase crop productivity, but they are expensive and may take months to reach the market. Agro- technological solutions that use artificial intelligence to predict crop yields are also explored.
The impact of COVID-19 on agriculture is largely dependent on the duration of the lockdown. A prolonged lockdown could cause a deeper economic crisis. Agricultural-based economies were negatively impacted at all stages of the supply chain. Lack of access to selling points and increased transport costs were major concerns for farmers. Furthermore, non-availability of farm inputs compounded the farmer’s distress. This impact on farming productivity and income will continue to be felt for several years to come.
