FinancialBuzz.com’s latest The Buzz Show: Featuring Our Political News Recap on “How Donald Trump’s Response to COVID-19 Affects America Today”
Coronavirus Economic Impact
Talk of a dangerous disease, Coronavirus, ramped up in the new year and hasn’t stopped since. The NBA season was canceled, a travel ban from Europe was implemented and the virus even got Tom Hanks! But the most concerning consequence of the Pandemic is the crumbling economy.
With more than 127,749 worldwide cases and 4,717 total deaths, the stock market is on a rapid decline, nonetheless, experts urge people to stop the panic.
World Health Organization chief Dr. Tedros Adhanom said that “The idea that countries should shift from containment to mitigation is wrong and dangerous.” and that all countries must “strike a fine balance between protecting health, preventing economic and social disruption, and respecting human rights,”
Small businesses, as well as the giants, face uncertainty as the situation progresses. Many blame the government, particularly President Trump, for not taking the matter seriously from the start. According to a CNN Business article, If the virus continues to spread and the US economy suffers deep and prolonged economic disruption, it could potentially cause a full-fledged recession.
As of now, we are in the hands of health officials and policymakers that are expected to take the necessary steps in containing the spread of the virus.