The Impact of COVID-19 on the Economy

Do y’all ever wonder the extent of damage that COVID 19 has caused the economy in which we live? Mhmmm I sure do wonder so. 2020 has been a year that will go down in history as it has continued effects in the system of employment, health, family matters, etc.

According to extensive research, the cities who were affected the most by this pandemic were the cities that depend on tourism. The cities that mainly focus on the movement of information really didn’t have a big turn around dealing with the pandemic, they were affected but not to the extent of the opposing tourist cities. When COVID 19 hit, individuals took a pause in life and had to adjust their lifestyle, which included a lot of city closings and lock downs so people weren’t traveling as frequently. When you look at it in terms of such, it really puts a damper on certain cities such as Las Vegas, Orlando, Atlanta, Los Angeles. It’s like the agglomeration of economies wasn’t benefiting the economy. So when supporting industries doesn’t perform well, the spill over effect doesn’t really spill over and pour the abundance into other industries and that’s where a decline in employment comes in. Because other supporting industries weren’t performing at its best, it can effect the whole economy itself when it comes to performance.

The cities who were less affected were the cities that were concentrated in technology and government. It gave them the opportunity to implement new ideas in order to help the crisis. And, some particular industries created new roles and positions, which provided an employment boost for people. This gave people opportunities in remote work as opposed to tourist cities that depended heavily on its physical presence of people.

In regards to all this intake of information the government boomed and provided aid to the economy that went towards businesses, families and individuals. They also offered the PPP loans which helped with the assistance of businesses. Now don’t get it twisted, some people may have abused the assistance a little because they don’t really need it but to each it’s own. Needless to say, with all the information that was given, this pandemic has taken a toll on every individual mentally, physically, and emotionally. We have lost loved ones, lost employment, lost a social life…and now we’re at a loss for words. But, we are slowly but surely getting back to a space where we can really function but it is up to us to make the economy what it needs to be! And I am out Byeeeee 😬

xFW