ASU COVID 19 Solution Techniques in The US & Canada Essay

Description

Here is the article I need you to do Solution techniques – in the US, and in at least one other countryStatement of the issue and exposition of the concernsWhen thinking of the current Global Crisis of the Covid-19 pandemic, one individual’s mind will automatically think of the number of lives lost to the virus, which is estimated to be more than 600,000 people. One individual may think of the number of worldwide cases of those who contracted the virus, as well as those who recovered from it. Some people will consider how Covid-19 has affected their personal lives. Although all these effects from Covid-19 are valid and important, there is one grand effect that has affected every single individual in one way or another. That is, the effect Covid-19 has had on the Economy. The Covid-19 pandemic has been a global issue that has raised major concerns for individuals and families, Business Leaders, Financial Specialists, and Economists. Prior to the pandemic, the U.S. unemployment was at a 50-year low. Inflation was also below the predicted target of 2.0% . However, when the pandemic hit, the crisis not only hit individuals and families, but it also hit the economy. There were extreme measures taken in the way of social distancing, lockdowns, and quarantines, to combat the spread of the virus which caused a severe economic downturn. Those measures reduced the economy’s capacity to produce goods and services. The economy experienced a swift downward shift. Closures of U.S. businesses resulted in a decrease in real GDP; an increase in unemployment rate resulted in less consumer spending. (Patton, 2020). Data shows that three out of five low-income households with children experienced an income shock due to the Covid-19 pandemic. These income shocks caused blows to household spending, which caused a decline in some retail sales. Some clothing stores, restaurants and food services, gas stations, etc. experienced decreases in sales, while grocery stores, pharmacies, and non-store retailers experienced increases in sales as lockdown measures began. While the pandemic caused a decrease in in-person retail sales, it caused an increase in some online retail sales.

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Global Crisis

Solution techniques

Covid19 pandemic

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