How The Economy Affects Businesses – Its spread is wreaking havoc on national economies and businesses, and governments are scrambling for new ways to contain the virus.
Here are some charts and maps to help you understand how the virus is affecting the economy right now.
How The Economy Affects Businesses
Big changes in stock markets, where company shares are bought and sold, can affect the value of pensions or individual savings accounts (Isas).
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The FTSE, Dow Jones Industrial Average and Nikkei fell sharply as the number of Covid-19 cases rose in the first months of the crisis.
Major Asian and US markets recovered after the first vaccine was announced in November, but the FTSE remains in negative territory.
In response, central banks in many countries, including the UK, have cut interest rates. In theory, this should make borrowing cheaper and encourage spending in the economy.
Some markets recovered in January this year, but this is a phenomenon known as the “January effect”.
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Analysts are concerned that the possibility of further blockages and delays in vaccination programs could cause market volatility this year.
According to the International Monetary Fund (IMF), the unemployment rate in the United States is at 8.9 percent annually, marking the end of a decade of job growth.
Millions of workers were also placed under government welfare programs while sectors of the economy such as tourism and hospitality came to a standstill.
Australian jobs have returned to the same level as in 2019. level, but are lagging behind France, Spain, the UK and several other countries.
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Some experts have warned that it could take years for jobs to return to pre-pandemic levels.
It is measured based on the change in the amount of gross domestic product, or the value of goods and services produced, usually over a three month or year period.
The IMF estimates that in 2020 the world economy will shrink by 4.4%. The agency said the decline was the worst since the Great Depression of the 1930s.
This will be driven mainly by countries such as India and China, which are expected to grow by 8.8% and 8.2% respectively.
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In large, job-dependent economies that have been hit hard by the pandemic, such as the UK or Italy, the recovery is expected to be slow.
The travel industry has been hit hard, with airlines canceling flights and customers canceling business and leisure trips.
New strains of the virus, which have been discovered in recent months, have forced many countries to impose travel restrictions.
Data from the flight tracking service Flight Radar 24 shows that in 2020 flight numbers around the world have been hit hard and recovery is still far from over.
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Data from Transparent, a leading hotel information technology company with more than 35 million hotels worldwide, has revealed a decline in bookings across all luxury destinations.
In 2020 billions of dollars were lost and even in 2021 the forecast is better, with many experts predicting that international travel and tourism will not return to pre-pandemic conditions until 2025.
Separate surveys show that consumers are still worried about returning to stores. Accountancy firm EY says 67% of customers are now unwilling to travel more than five miles to shop.
This shift in consumer behavior has greatly increased online retail sales, with global revenue expected to reach $3.9 trillion.
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Moderna, Novavax and AstraZeneca were all up. But Pfizer’s stock fell. The deal with BioNTech, the high cost of the vaccine and the administration of the vaccine, as well as the number of competitors reduce the confidence of investors in the company to receive more money in 2021.
Several pharmaceutical companies have already begun distributing doses, and many countries have started vaccination programs. Many others, such as Johnson & Johnson and Sanofi/GSK, will join the distribution of vaccines in 2021. This report was prepared for our colleagues in the Mountain West; the first version was published on their website in 2021. February 4
As the United States prepares to recover from COVID-19, policymakers need to understand why some cities and regions have been more vulnerable to the economic impact of the pandemic than others. In this paper, we look at the relationship between the city’s largest companies, the economic response to the epidemic, and how the recession occurred in six selected cities. We see that in places whose economy depends on the movement of people, such as Las Vegas, where tourism is taking place, in 2020. at the end of the 20th century, unemployment was much greater than in cities whose industries are based on the movement of information. In addition, the hardest-hit areas have large Puerto Rican or Latino communities, reflecting the high number of workers in industries that have been hit hard by hard-hit areas. We have concluded and approved government policies that have targeted the regions and communities most affected by the economic fallout from COVID-19.
More than previous recessions, the economic downturn of COVID-19 has broken some industries – those that depend on the flow of people – and left others untouched – those that depend on the flow of information. The economy of these cities is based on various industries: travel and tourism in Las Vegas and Orlando, technology in Seattle and San Francisco, and government in Washington. Therefore, in the economic context of the economic crisis of COVID-19, the impact of this epidemic on the big business in the city is unique. The combination of geography and race also highlights another underappreciated problem behind this decline: the economic problems faced by Hispanic or Latino communities.
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This article examines the economic impact of the COVID-19 economic downturn using some metropolitan areas (often referred to as megacities) to identify the challenges and provide policy solutions. We examine six major areas: three that have a strong focus on industries that have been most affected by COVID-19 (Las Vegas, Orlando, and Reno), and three that have a stable economy in industries that have not been affected by COVID-19. (Seattle, San Francisco and Washington, D.C.). We find that cities with high impact industries tend to have Puerto Rican or Latino populations.
Cities and large areas are often concentrated in certain industries, which lead to large economies. In short, there is economic benefit when companies producing similar goods are close. For example, the automobile industry is in Detroit, finance in New York, entertainment in Los Angeles, technology in Seattle, and so on. The operation of large industries extends to supporting industries and affects the entire regional economy; restaurants and shopping centers do well as startups grow and struggle as they grow. In this section, we will discuss important companies in each city that are affected by COVID-19.
Before COVID-19, Orlando had the largest tourism industry in the country, generating $26 billion a year, with Las Vegas in second place at over $19 billion.
However, Las Vegas has a lower GDP than Orlando, so tourism is much larger – Hospitality and Leisure in 2019. employed more than a quarter of the workforce in Las Vegas.
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Las Vegas has a larger share of leisure and hospitality workers than D.C. Orlando and Reno have about the same number of government workers in the hospitality and leisure sector, although manufacturing as a share of their economy is much lower than Las Vegas. Figure 2 shows that in 2019 nearly one in five Orlando workers (21%) worked directly in hospitality and leisure, as did 16% (about one in seven) in Reno.
Seattle and San Francisco, on the other hand, rely on technology that may have benefited from COVID-19. Seattle is the famous headquarters of Microsoft and the home of Amazon. San Francisco is home to modern technology groups such as Salesforce and Adobe. It has the headquarters of many giants near Silicon Valley. Anchor companies employ different types of employees; jobs in Seattle and San Francisco are more than twice (2.36 and 2.14, respectively) more concentrated in the largest group of jobs, computers and mathematics, than the national average.
In contrast, Orlando’s employment rate for computer and math jobs is slightly lower than the national average, with Las Vegas (50%) and Reno (54%) seeing the largest declines.
In other words, San Francisco and Seattle have four times more computer and math workers than Las Vegas and Reno, based on the number of workers in each metro area.
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In addition to the tourism industry, we are adding a national capital and government hot spot in Washington, D.C., where one out of every five workers is employed by the government. A similar group of lawyers is a good indicator of how the city’s start-up companies encourage secondary workers; DC has nearly three times (2.76) more law enforcement officers per capita than the national average. With authority also comes the need for research (military and civilian), so DC has a much higher proportion of computer and math workers than Seattle or San Francisco (2.46 times the national average), and five times more than Las Vegas and Reno as a sector. of employees of each metro.
COVID-19, which has affected other industries such as entertainment and
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