Impact and consequences of the COVID-19 virus on the economy of the United States

Abstract

The crisis caused by the COVID-19 virus is not just a global health crisis. The impact of the pandemic, caused by this virus, has strongly affected almost all vital economic sectors of the United States, which has seriously affected the global economy and other financial markets around the world. Significant declining incomes at all levels, rising unemployment, and disruptions in the industrial and transportation sectors are just some of the consequences caused by this virus in the economy of the United States. As the COVID-19 pandemic continues, the United States strongly opposes further reductions in economic growth and profits with several measures taken to mitigate the effects of the virus. In that sense, proactive action by the Government of the United States is necessary to protect economic prosperity and maintain sustainable economic growth for a longer period.