The economic effects of the Coronavirus

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Megan Dinkins

The economic effects of the Coronavirus

By: Megan Dinkins

 

We’re no stranger to the Coronavirus at this point, but we’ve really only been focusing on ourselves. Here are some of the economic impacts:

 

The stock markets have plummeted, the lowest being at -35% in April. Along with the effects on the stock market, it’s affecting the people. More than 30 million people in the US have filed for unemployment in the last six weeks, according to bbc.com. The government sent out stimulus checks: $1,200 for individuals and heads of households, $2,400 for married couples, and $500 per child claimed as a dependent, but even the stimulus checks are struggling to be delivered due to technical glitches according to hub.jhu.edu.

 

Oil is at the lowest price it’s been in 21 years and the demand for it has gone down since not as many people are leaving their homes.

 

Businesses all over the world, especially the US, are at risk of permanently closing if COVID-19 continues to keep the businesses temporarily closed. Yesterdays in Five Points has shut down after 43 years of being open due to COVID-19, according to thestate.com. Along with Yesterdays, more businesses are expected to shut down permanently due to Corona.

 

On the other hand, some businesses are at a peak like Zoom. Due to schools and businesses being closed, Zoom’s daily users increased from 10 million in December to 200 million in March says cnbc.com.

 

If COVID-19 continues to keep businesses closed, more and more companies will shut down and more people will have to file for unemployment. The Coronavirus has truly changed the world as we know it.