The Worst Economy Ever: US
Global Economic Recession Is Observed Across the World amid COVID-19 Pandemic
The United States economic growth streak has broken down due to the COVID-19 pandemic in the first three months of the year that is currently plaguing the whole planet as the infected has been detected in individuals in 210 countries and territories, threatening to wipe out a certain percentage of the world’s population. The world globe is suffering through the worst economy ever seen in the last few decades.
Economic recession across the world
The whole world is enduring and suffering through the worst economy ever, as economic growth is currently undergoing a recession. The economic data of the second quarter of this year would be much worse than the economic data collected in the first four months of this year, which is showing rapid decline due to closure of all non-essential businesses and travel restrictions required to prevent further transmission of the COVID-19 virus.
Direct consequences are being observed due to the coronavirus pandemic, one of which is the worst economy ever across the world in the time duration of a few months.
Minorities being more affected as compared to white people
The United States was used to be the best place to find a job with a proper income for all minorities before the coronavirus pandemic. But as the world is going through the worst economy ever due to the closure of restaurants, cinemas, retail sales, and other businesses, a huge proportion of minorities are suffering from unemployment since the implementation of lockdown and strict stay at home orders by the nation’s government.
The unemployment rate in the United States is continuously growing as thousands of companies are letting go of all non-essential personnel due to reduced workload amid the coronavirus outbreak as the country is going through the worst economy ever. More than 27 million American inhabitants have become unemployed since February due to the implementation of lockdown to prevent the spread of COVID-19 infection.
Health care system critically affecting the economy
The health care system of the United States is directly affecting the economic growth of the country, resulting in the worst economy ever. The reason behind being one of the factors causing a severe economic recession is due to hundreds of thousands of patients being admitted to the hospital at the same time throughout the country amid reducing the number of medical types of equipment and supplies to treat them.
The area most affected by the influx of massive numbers of patients was New York, in which more than 300, 000 individuals have been diagnosed with this deadly contagious infection, out of which 18, 015 people have died after experiencing critical symptoms of the infection.
The main reason why the health care industry has become the main factor in creating the worst economy ever is the massive reduction of the money-making operative procedures due to the huge number of coronavirus patients currently under intensive treatment in all hospitals.
COVID-19 affecting service sector
The coronavirus outbreak has severely hit the service sector of the world, particularly hard. Dine-in restaurants have closed down, thousands of airplanes grounded as flights are nearly empty, stadiums have not been used for weeks as multiple major sporting events have been postponed to a later date to implement social distancing.
The spending on services by the general population has decreased by 10.2 % in the first four months of the year. Costing at hotels and restaurants has significantly dropped down to 30% on an annual basis. The consumers are spending even a reduced amount on the health care facilities as people have put off their appointments and canceled elective procedures as the coronavirus pandemic is growing, and people are under pressure and panic.
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