Did you know total nonfarm payroll employment fell by 701,000 in March 2020, measuring the effects of COVID-19 and efforts to contain it? Employment in leisure and hospitality fell by 459,000, mainly in food services and drinking places. Notable declines also occurred in health care and social assistance, professional and business services, retail trade, and construction.
February 2016 - States: How to get past the fiscal crisisFGV Brazil
As states are confronted with rigid spending requirements and falling tax revenues, public services are deteriorating. The federal government allowed states to borrow from BNDES because it was not making mandatory financial transfers to them, so that a number of states are now in danger of outstripping Fiscal Responsibility Law limits.
The Brazilian Economy is one of the oldest publications for expert economic analysis of both the Brazilian and international economies. Through this publication, FGV’s Brazilian Institute of Economics and Finance (FGV/IBRE) compares different periods of the economy, assessing both macroeconomic considerations and scenarios related to finance, administration, marketing, management, insurance, statistics, and price indices.
For more information, and Brazilian economic index results, visit: http://bit.ly/1EA1Loz
Tom Stinson, MN State Economist and Tom Gillaspy, MN State Demographer, delivered a powerful presentation at a Minnesota High Tech Association CEO Briefing last summer.
Did you know total nonfarm payroll employment fell by 701,000 in March 2020, measuring the effects of COVID-19 and efforts to contain it? Employment in leisure and hospitality fell by 459,000, mainly in food services and drinking places. Notable declines also occurred in health care and social assistance, professional and business services, retail trade, and construction.
February 2016 - States: How to get past the fiscal crisisFGV Brazil
As states are confronted with rigid spending requirements and falling tax revenues, public services are deteriorating. The federal government allowed states to borrow from BNDES because it was not making mandatory financial transfers to them, so that a number of states are now in danger of outstripping Fiscal Responsibility Law limits.
The Brazilian Economy is one of the oldest publications for expert economic analysis of both the Brazilian and international economies. Through this publication, FGV’s Brazilian Institute of Economics and Finance (FGV/IBRE) compares different periods of the economy, assessing both macroeconomic considerations and scenarios related to finance, administration, marketing, management, insurance, statistics, and price indices.
For more information, and Brazilian economic index results, visit: http://bit.ly/1EA1Loz
Tom Stinson, MN State Economist and Tom Gillaspy, MN State Demographer, delivered a powerful presentation at a Minnesota High Tech Association CEO Briefing last summer.
The spending allocation pattern of national governments varies depending on public policy for
desired effects but the outcome is rather controversial according to existing literature. This research aims to
explore the relationship between government expenditure, economic development and economic growth in
Brazil from 1994 to 2017. The Human Development Indicator (HDI) index is a representative measure of
economic development and is comprised of three dimensions:
MEANING
MEANING
DEFINITION
CLASSIFICATION OF PUBLIC EXPENDITURE
CAUSES FOR THE GROWTH OF PUBLIC EXPENDITURE
MEANING
DEFINITION
CLASSIFICATION OF PUBLIC EXPENDITURE
CAUSES FOR THE GROWTH OF PUBLIC EXPENDITURE
The government’s economic policy is defined by five-year economic plans. China is at a critical stage of her development China will have move up the ‘value chain’ as it loses its competitive edge in labour-intensive sectors. China is still a relatively poor country with an estimated GDP per capita on a PPP basis of US$12,879 in 2014, lower than Thailand. Policies to increase the real incomes of China’s middle class will encourage more consumption as a share of GDP and make the economy less reliant on exports and investment as key sources of economic growth.
The Chinese economy has many structural imbalances that will need to be addressed for sustainable growth to be maintained:
Chinese economy remains reliant on credit growth, with overall debt rising to 280% of GDP in mid-2015
China will need to shift away from imitating/copying Western technologies to generating more innovation Increasing competitive challenges are coming from lower-unit cost countries such as Vietnam, Indonesia and Mexico. Wages in the Chinese manufacturing sector have more than tripled since 2008.
geopolitics of china, political weight index, governmental weight index, budget, budget per capita, china political economy
http://iilss.net/
http://maynter.com
The main focus of this study is to investigate the impact of expansion in economic growth on
government expenditure in Nigeria covering the periods 1970 to 2012. Gross Domestic Product (GDP) was
used as a proxy for economic growth, and the GDP time series was decomposed using the partial sum approach
in order to achieve asymmetry in the variable. The asymmetric ARDL estimation technique was appropriately
employed in this study. The findings of this study revealed that expansion in economic growth has significant
impact on government expenditure in Nigeria. The study further provided evidence of long-run causality from
boom/expansion in economic growth to government expenditure in Nigeria but could not support any evidence
of short-run causality. The researcher recommended among others, that Governments in Nigeria should give
more impetus to policies that will guarantee sustainable economic growth.
Unemployment Problem and Global Financing Related to COVID-19 EpidemicVedat Akman
International Asian Congress of Contemporary Sciences - IV
Haziran 26-28, 2020
Baku, Azerbaijan/ Khazar University
https://www.asyakongresi.org/
“Unemployment Problem and Global Financing Related to COVID-19 Epidemic”
Dr. Öğr. Üyesi H. Vedat AKMAN / Beykent Üniversitesi, İİBF, Finans ve Bankacılık Bölümü
İstanbul, Türkiye
vedatakman@beykent.edu.tr
https://orcid.org/0000-0001-9950-8223
Unemployment Problem and Global Financing Related to COVID-19 EpidemicVedat Akman
AKMAN HÜSEYİN VEDAT,KIZIL CEVDET (2020). Unemployment Problem and Global Financing Related to COVID-19 Epidemic. International Asian Congress of Contemporary Sciences - IV (Tam Metin Bildiri/Sözlü Sunum)
The spending allocation pattern of national governments varies depending on public policy for
desired effects but the outcome is rather controversial according to existing literature. This research aims to
explore the relationship between government expenditure, economic development and economic growth in
Brazil from 1994 to 2017. The Human Development Indicator (HDI) index is a representative measure of
economic development and is comprised of three dimensions:
MEANING
MEANING
DEFINITION
CLASSIFICATION OF PUBLIC EXPENDITURE
CAUSES FOR THE GROWTH OF PUBLIC EXPENDITURE
MEANING
DEFINITION
CLASSIFICATION OF PUBLIC EXPENDITURE
CAUSES FOR THE GROWTH OF PUBLIC EXPENDITURE
The government’s economic policy is defined by five-year economic plans. China is at a critical stage of her development China will have move up the ‘value chain’ as it loses its competitive edge in labour-intensive sectors. China is still a relatively poor country with an estimated GDP per capita on a PPP basis of US$12,879 in 2014, lower than Thailand. Policies to increase the real incomes of China’s middle class will encourage more consumption as a share of GDP and make the economy less reliant on exports and investment as key sources of economic growth.
The Chinese economy has many structural imbalances that will need to be addressed for sustainable growth to be maintained:
Chinese economy remains reliant on credit growth, with overall debt rising to 280% of GDP in mid-2015
China will need to shift away from imitating/copying Western technologies to generating more innovation Increasing competitive challenges are coming from lower-unit cost countries such as Vietnam, Indonesia and Mexico. Wages in the Chinese manufacturing sector have more than tripled since 2008.
geopolitics of china, political weight index, governmental weight index, budget, budget per capita, china political economy
http://iilss.net/
http://maynter.com
The main focus of this study is to investigate the impact of expansion in economic growth on
government expenditure in Nigeria covering the periods 1970 to 2012. Gross Domestic Product (GDP) was
used as a proxy for economic growth, and the GDP time series was decomposed using the partial sum approach
in order to achieve asymmetry in the variable. The asymmetric ARDL estimation technique was appropriately
employed in this study. The findings of this study revealed that expansion in economic growth has significant
impact on government expenditure in Nigeria. The study further provided evidence of long-run causality from
boom/expansion in economic growth to government expenditure in Nigeria but could not support any evidence
of short-run causality. The researcher recommended among others, that Governments in Nigeria should give
more impetus to policies that will guarantee sustainable economic growth.
Unemployment Problem and Global Financing Related to COVID-19 EpidemicVedat Akman
International Asian Congress of Contemporary Sciences - IV
Haziran 26-28, 2020
Baku, Azerbaijan/ Khazar University
https://www.asyakongresi.org/
“Unemployment Problem and Global Financing Related to COVID-19 Epidemic”
Dr. Öğr. Üyesi H. Vedat AKMAN / Beykent Üniversitesi, İİBF, Finans ve Bankacılık Bölümü
İstanbul, Türkiye
vedatakman@beykent.edu.tr
https://orcid.org/0000-0001-9950-8223
Unemployment Problem and Global Financing Related to COVID-19 EpidemicVedat Akman
AKMAN HÜSEYİN VEDAT,KIZIL CEVDET (2020). Unemployment Problem and Global Financing Related to COVID-19 Epidemic. International Asian Congress of Contemporary Sciences - IV (Tam Metin Bildiri/Sözlü Sunum)
Covid-19 Following Up On The Immediate Economic Responseaakash malhotra
With india going under a complete lockdown for over a month now, industries and government needs to brace themselves in order to fight against the consequences of covid-19. Right from protecting jobs to supporting different sectors to minimise the impact, there are a lot of preparatory measures that are already under process.
DB2
7 Economic Policy Challenging Incrementalism
Incremental and Nonincremental Policymaking
Traditionally, fiscal and monetary policies were made incrementally; that is, decision makers concentrated their attention on modest changes—increases or decreases—in existing taxing, spending, and deficit levels, as well as the money supply and interest rates. Incrementalism was especially pervasive in annual federal budget making. The president and Congress did not reconsider the value of all existing programs each year, or pay much attention to previously established expenditure levels. Rather last year’s expenditures were considered as a base of spending for each program, attractive consideration of the budget proposals focused on new items or increases over last year’s base.
But crises often force policymakers to abandon incrementalism and reach out in non-incremental directions. In economic policy, the president and Congress and the Fed are pressured to “do something” in the face of a perceived economic crisis, even if there is little consensus on what should be done, or even whether there is anything the federal government can do to resolve the crisis. As we shall see later in this chapter, the recession that began in 2008 caused policymakers to search for new policies and make dramatic changes in spending and deficit levels and to undertake unprecedented measures to prevent the collapse of financial markets and avoid a deep recession.
Fiscal and Monetary Policy
Economic policy is exercised primarily through the federal government’s fiscal policies—decisions about taxing, spending, and deficit levels—and its monetary policies—decisions about the money supply and interest rates.
Fiscal policy is made in the annual preparation of the federal budget by the president and the Office of Management and Budget, and subsequently considered by Congress in its annual appropriations bills and revisions of the tax laws. These decisions determine overall federal spending levels, as well as spending priorities among federal programs. Together with tax policy decisions (see Chapter 8), these spending decisions determine the size of the federal government’s annual deficits or surpluses.
Monetary policy is the principal responsibility of the powerful and independent Federal Reserve Board—“the Fed”—which can expand or contract the money supply through its oversight of the nation’s banking system (see “The Fed at Work” later in this chapter). Congress established the Federal Reserve System and its governing Board in 1913 and Congress could, if it wished, reduce its power or even abolish the Fed altogether. But no serious effort has ever been undertaken to do so.
Economic Theories As Policy Guides
The goals of economic policy are widely shared: growth in economic output and standards of living, full and productive employment of the nation’s work force, and stable prices with low inflation. But a variety of economic theories compete for preeminence as ways of achiev.
http://pwc.to/1lN91cC
Comme tous les mois, l’équipe d’économistes de PwC publie une note sur la situation macro-économique mondiale. Ce mois-ci, focus sur l’accroissement des inégalités dans les pays matures ; les incertitudes concernant la croissance chinoise ; et les prévisions de croissance pour la Grande-Bretagne.
This article about study of current situation of economy and pandemic impact ob global economy. How long it will take to recover with the quote of GDP growth and Service PMI of key nations.
FDA Website AssignmentGo to FDA website www.fda.gov1. Unde.docxssuser454af01
FDA Website AssignmentGo to FDA website www.fda.gov1. Under “Laws FDA Enforces”, go to the Federal Food, Drug and Cosmetic Act and read Chapter 2, Definitions, particularly the definition of drugs and devices.2. Write a paper, 500 words, describing A. three things that you as a consumer can learn from the web page andB. three things that you as a part of industry can learn from the web page
Background
Following the finish of the common war and the adjustment of the residential cash by the national bank, the principal compensation change process occurred in 1996, and a novel correction in 2008 allowed a singular amount increment of LBP 200,000 every month for both open and private divisions representatives, conveying the lowest pay permitted by law up to LBP 500,000 from LBP 300,000.1 For the following sixteen years, in any case, there were no wage increments despite the fact that swelling continued rising and achieved a hundred percent and the acquiring energy of the Lebanese individuals began to drop significantly.2
In an examination led by the Lebanese Federation of Consumer Protection, Lebanon was positioned first among 14 Arab nations regarding high costs for meat, sugar, tea, and drain, and it positioned second when it came to tomato, potato, and vegetable oil costs. The investigation credited these outcomes to the nearness of ineffectively aggressive buyer markets (restraining infrastructures), and to the non-implementation of controls identified with settling business benefit margins.3 These variables and others have added to a noteworthy abatement in the offer of wages in the Gross Domestic Product, which a few substances claim to have achieved a low of 30%.4
By mid of 2011, speaks began mounting about the low level of wages that is keeping Lebanese laborers from fulfilling their essential needs in light of rising sustenance costs and the cost of fundamental administrations like power and transportation. In fact, the issue of wages modification wound up noticeably one of the best needs on general society scene over a five-month time frame between September 2011 and January 2012. These discussions were at first supported by a "political open door" that was emerged by the arrangement of another administration in July 2011 and which pronounced putting social equity among its priorities.5 They were likewise convenient on account of the drawing closer of the new scholastic year that involves along the weight of rising school and college educational cost charges.
The procedure began with an exchange among different concerned gatherings, including the Presidency of the Council of Ministers, the Ministry of Labor, monetary bodies, and worker's guilds. Notwithstanding, the level headed discussion swelled into a contention that undermined the solidarity of the administration before coming full circle in the selection of the wage alteration announce No. 7426 amid the January 18, 2012 session of the Lebanese Cabinet.
This area condenses ...
This article about study of current situation of economy and pandemic impact on global economy. How long it will take to recover with the quote of GDP growth and Service PMI of key nations.
15Introduction The economy of the United State.docxhallettfaustina
1
5
Introduction
The economy of the United States is the world’s largest national economy in nominal terms and the second in terms of purchasing power parity globally. The economy’s currency the US dollar is used to settle most international transactions. The US economy is a mixed one. Its major trading partners are United Kingdom, Canada, Mexico, South Korea and Japan.
The United States’ economy is one of the high industrialized and diversified economies in the world. Its major industries include; energy, transport, healthcare, and agriculture. It is a leading exporter of innovation goods, arms, petroleum products, and electronics.
The Unites states is a consumption economy where most of the goods and services are consumed locally rather than for export promotion. Although the US is one world’s largest exporters of technology goods it imports heavily from Asian economies like China. Its main export markets are the European Union, Canada, China, and Mexico.
The US economy is still recovering from the 2008 global financial crisis. It is also grappling with plummeting oil prices and is greatly concerned about China growing exports into the economy (Potomac, 2010). Lastly, the economy is in a transition because of regime change.
Production output performance analysis
Real GDP
The real GDP is an inflation-adjusted macroeconomic measure of the value of all goods and services that are produced in an economy in a given year. In simple terms, it measures everything that a country produces in a particular year. It is usually expressed in constant prices which enable it to capture economic growth more accurately as compared to the nominal GDP (Feldstein, 1988). From the graph, we can deduce that the GDP of the US was initially rising from the year 2006 up to the year 2008. During this phase the economy was experiencing a boom and was healthy, employment rates were high and consumption was high. However, the economy slides into a recession in the year 2008. During this period the 2008 global financial crises happened. This led to a decline in US GDP, where it hit its lowest point in the last decade. This scenario persisted up to the year 2010. From 2010 the US economy is seen to be in a recovery where the GDP is increasing significantly over the years.
Real GDP Growth Rate
The real GDP growth rate is a measure of economic expansion in relation to real GDP from one financial year to another. It measures how fast the country’s economy is growing. It is largely driven by net exports, personal consumption, and government expenditure and business investment (Feldstein, 1988). From the graphical representation of the real GDP growth rate of US, we are starting with a positive figure which indicates that the economy is expanding healthy. If the economy is growing then by implication so is employment, personal incomes, and business. During the 2008-2009 global financial the economy went into recession and it can be seen that the real GDP growth ra ...
IMF World Economic Outlook - April 2020 (as updated by June 2020 Forecast)DVSResearchFoundatio
Key Takeaways:
- Global Prospects and Policies
- Deep Downturn in 2020 and Uncertain Recovery in 2021
- Policy Tracker on Responses to COVID-19
- Commodity Market Development and Forecasts
- Global Government Debt and Fiscal Deficits
In the first quarter of 2009, President Obama pushed his massive fis.pdfsumit082
In the first quarter of 2009, President Obama pushed his massive fiscal stimulus package of $862
(It was originally at $787 billion) through the Congress and later passed by the House and the
Senate, whose centerpiece was spending most of this stimulus funds in repairing and building
infrastructure in transportation, healthcare, science and technology, and education. Pres. Obama
also urged to make a modest tax cut for middleincome families making a household income less
than $250K per year (it has been modified to $400k starting from January 2013). The push for
this combined package of spending and partial tax cut was also criticized by several opponents in
politics, academia, and businesses on the ground that the spending was too large under
government financing to balance the growing budget deficit and national debt that might threaten
future economic stability of the country.
A) What possible macroeconomic arguments might President Obama use to defend his $862
billion fiscal stimulus package as a part of his economic recovery plans?
B) What were the macroeconomic arguments the critics might have expressed in their opposition
to stimulus package as a bad economic policy, and not just for the US, but also for the world
economy? Do they sound to have a trickle down adverse effect in the current or future financial
stability in the US and the World economy, say later in 2013 and beyond? Do you think this
issue is also related to the current political rhetoric between the GOP and Democrats on raising
the tax rates for the wealthy making over $250K annually and leave the Bush Tax cut for the
middle class (expired on Dec 31, 2012, with modification of extending the tax cut up to $400K
per household)? With the new fiscal bill of President Obama passed by the US Congress on Jan
2nd of 2013, how would it affect the economy in the next two years starting from Jan 2013?
Note: President Obama is expected to propose further stimulus package in his 2015 State of the
Union Address of Jan 20, 2015 on the basis of the same principle for boosting the middle class
economy.
C) Recent data shows a sudden decline of RGDP growth rate in China after continuous robust
economic growth for more than a quarter of century. In response to this early sign of recession,
on April 19, 2015 the central bank of China has reduced its reserve requirement ratio by another
1% that it has started reducing since Nov 30, 2011. This is the second time since Feb 4, 2015 that
the Central Bank of China reduced its RRR this year. In reaction to that biggest one time
reduction of RRR was a sharp spike in stock market prices worldwide within hours. What would
happen to the growth rate of the money supply in China if foreigners lost confidence in the
Chinese Economy as a result of current uncertainty over the declining rate of economic growth
and aggressive reduction of RRR by its Central Bank? Explain briefly.
D)Using the Keynesian Cross model diagram (The diagram with 45 degree line by sp.
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Economics is the study of how societies use their resources to produce goods and services. It is a social science that examines the production, distribution, .... Essays in economic development ... and obstacles faced by the poorer nations of the global economy on the path to development are extremely diverse.. Free Essay: Many people think that economics is about money. Well, to some extent this is true. Economics has a lot to do with money: with how much money.... Analysis of the Tourism & Airline Industry in the UAE. Example essay. Last modified: 4th Jun 2023.. Up: Economics Network > Writing for Economics. Essay writing. The idea of setting essays is to offer you the chance to make a longer, more complex argument.. Economics essays often examine how governments can manage resources to promote economic growth. In addition, economics essays may also analyze the impact of .... evidence on three issues within the field of economic development: the effect of social networks on immigrants' labor market outcomes (first essay), .... Lionel Robbins, biography, from the Concise Encyclopedia of Economics: Robbins' most famous book was An Essay on the Nature and Significance of Economic Science .... This thesis was written while I worked at the Research Unit on Economic ... Lilja examined an earlier version of the first essay and provided useful .... The list of economic essay topics is endless – the field focuses on multiple areas of human interactions on different scales. Choosing one of the economics ...
Detailed write up on the impact of COVID on various aspects of life. This was published in the Mumbai university Research Journal in the month of June 2020.
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Export nations need to ensure that supply chains remain as intact as possible. This means that when and where credit insurers are withdrawing from covering international trade during this crisis, the government exceptionally steps in. Otherwise there is a risk a collapse of finely woven supply chains.”
Palestine last event orientationfvgnh .pptxRaedMohamed3
An EFL lesson about the current events in Palestine. It is intended to be for intermediate students who wish to increase their listening skills through a short lesson in power point.
The Indian economy is classified into different sectors to simplify the analysis and understanding of economic activities. For Class 10, it's essential to grasp the sectors of the Indian economy, understand their characteristics, and recognize their importance. This guide will provide detailed notes on the Sectors of the Indian Economy Class 10, using specific long-tail keywords to enhance comprehension.
For more information, visit-www.vavaclasses.com
Synthetic Fiber Construction in lab .pptxPavel ( NSTU)
Synthetic fiber production is a fascinating and complex field that blends chemistry, engineering, and environmental science. By understanding these aspects, students can gain a comprehensive view of synthetic fiber production, its impact on society and the environment, and the potential for future innovations. Synthetic fibers play a crucial role in modern society, impacting various aspects of daily life, industry, and the environment. ynthetic fibers are integral to modern life, offering a range of benefits from cost-effectiveness and versatility to innovative applications and performance characteristics. While they pose environmental challenges, ongoing research and development aim to create more sustainable and eco-friendly alternatives. Understanding the importance of synthetic fibers helps in appreciating their role in the economy, industry, and daily life, while also emphasizing the need for sustainable practices and innovation.
Read| The latest issue of The Challenger is here! We are thrilled to announce that our school paper has qualified for the NATIONAL SCHOOLS PRESS CONFERENCE (NSPC) 2024. Thank you for your unwavering support and trust. Dive into the stories that made us stand out!
How to Create Map Views in the Odoo 17 ERPCeline George
The map views are useful for providing a geographical representation of data. They allow users to visualize and analyze the data in a more intuitive manner.
Operation “Blue Star” is the only event in the history of Independent India where the state went into war with its own people. Even after about 40 years it is not clear if it was culmination of states anger over people of the region, a political game of power or start of dictatorial chapter in the democratic setup.
The people of Punjab felt alienated from main stream due to denial of their just demands during a long democratic struggle since independence. As it happen all over the word, it led to militant struggle with great loss of lives of military, police and civilian personnel. Killing of Indira Gandhi and massacre of innocent Sikhs in Delhi and other India cities was also associated with this movement.
Unit 8 - Information and Communication Technology (Paper I).pdfThiyagu K
This slides describes the basic concepts of ICT, basics of Email, Emerging Technology and Digital Initiatives in Education. This presentations aligns with the UGC Paper I syllabus.
How to Split Bills in the Odoo 17 POS ModuleCeline George
Bills have a main role in point of sale procedure. It will help to track sales, handling payments and giving receipts to customers. Bill splitting also has an important role in POS. For example, If some friends come together for dinner and if they want to divide the bill then it is possible by POS bill splitting. This slide will show how to split bills in odoo 17 POS.
2. What is Economic Growth?
An increase in the aggregate production of goods & services in an economy,
resulting in an increase in real GDP.
Aggregate production → Marginal productivity -> Income → Quality of
life
Typically modeled as a function of growth in physical capital, human capital,
labor force, and technological advancements.
Measured in the value of the goods & services produced, not only quantity.
Defining ‘Growth’ is subjective.
4. What is a Recession?
“In economics, a recession is a business cycle contraction when there is a general
decline in economic activity. Recessions generally occur when there is a widespread
drop in spending (an adverse demand shock.)”
During a recession, businesses lose money because of lower demand, causing them to
lay off workers which contributes to the unemployment rate rising.
An example of a recession is the 2007-2009 ‘Great Recession’ that was caused by
deregulation of the financial industry, and 8.7 million jobs were lost over a period of 2
years.
5. How Covid-19AffectsEconomies
In the effort to mitigate the spread of Covid-19, many governments around
the world made the decision to “close down” the economy. While these efforts
are necessary in protecting the welfare of people, they have significant
implications on the global economy.
By putting sanctions on business and trade, economies can expect…
- Decrease in marginal productivity.
- Increase in the rate of unemployment.
- Increase in closures of small businesses.
- Increase in delinquency and default rates.
- Decrease in interest rates → Inflation
6. Scale of Global Economic Downturn(Eurostat,2020)
Takeaways
- OECD countries are
not faring much
better economically
compared to
“developing
countries”.
- Generally, countries
with higher
standards in public
health are doing
better economically.
7. Economic Decline vs.Rates of DeathDue to Covid-19
(Eurostat,2020)
Takeaways
- Moderately strong
correlation between
GDP loss and number
of deaths associated
with Covid-19.
- No trade-off between
protecting peoples’
health and protecting
the economy. (Hasell,
2020)
8. Impact in the UnitedStates
The United States (negative):
With the spread of the COVID-19, the global economy is in turmoil, and many economic
indicators in the United States are developing in an unwelcome way. The chart below
shows a snapshot of the overall state of the U.S. economy so far.
1. GDP of the United States decreased by 9.5% in the second quarter on a year-on-year
basis. Since records began in 1947, quarterly GDP has never fallen more than 3%.
2. Employment: more than 50 million people are currently unemployed due to the
permanent closure of businesses, and restrictions continue in many parts of the United
States.
3. Consumer spending: consumer spending, which accounts for more than two-thirds of
the U.S. economy, fell 12.6% in April.
10. The United States (positive):
With the slow reopening of production facilities, the output of manufacturing
industry tends to be stable.
Impact in the UnitedStates Cont.
11. Impact in China
China (negative):
1. The economic growth rate announced by the Statistics Bureau in the first quarter was - 6.8%, indicating that
the economy has been hit hard. This data is unprecedented, and consumption fell by 20% in January and
February.
2. Production can't be sustained, as in February, this is the most serious. Now production has begun to
recover, but demand has not recovered, and domestic demand has not recovered. At the same time, overseas
demand is more worrying.
3. Even if the epidemic situation is under control in the second half of the year or next year, the industrial
chain will shift, and the epidemic may accelerate this pace.
4. With the impact of the epidemic, enterprises are heavily in debt, without effective cash flow support,
making enterprises insolvent. In the first quarter of 2020, the unemployment rate is as high as 5.8%.
12. National survey of unemployment rate from 2018 to March 2020(Wei Chen,
2020)
13. China(positive):
The epidemic situation has
increased domestic
consumption demand, and
the government has more
support for local
enterprises and the rise of
domestic products.
Impact in China Cont.
15. NewJersey : Economic Effects of COVID-19
Along with New York, Connecticut, and other states in the New England area, New Jersey
had/has a strict interpretation of lockdown. This strict interpretation includes that of
curfews, restricted amounts of home necessities available in stores, shorter store hours,
limits on the amount of people in public spaces, etc. The slow reopening of the state has
had negative effects on the economy:
● Small Businesses: approx. 28% of NJ’s Income → economic downturn
● Out of 9 million residents, over 1.5 million claimed unemployment
● Between April and August, employment grew by 12% (The U.S. was 8%)
● Between April and June: economic loss at an annualized rate of 34.6%
● As of October, about 49% of jobs have been regained (The U.S. is 47.9%)
● Rather than an “U” or “L” shape, recovery is a “Nike Swoosh”
● Predicted 5-year regrowth period
16. Georgia: Economic Effects of COVID-19
Opposing that of more Northern States, Georgia had/has a loose interpretation of
lockdown. During the first two months of the Pandemic, like most states, Georgia was in
a strict lockdown. Many Georgia natives, however, did not take this serious. By May,
clubs/bars were open in Atlanta, there was no curfew, no limit on public spaces, etc. This
fast reopening of the state may be due to:
● Inability for the economy to flourish
● Increasing rates of unemployment ( 12.6% as of April 2020)
The fast reopening of the state has had positive effects on the economy:
● Unemployment rate is at 6.4% (U.S. is 7%)
● 65% of jobs have been regained
● Predicted 2 year-regrowth period: less small businesses
18. Federal
- During the covid-19 pandemic, the unemployment rate was at the highest it has been at any
point since World War 2, with the highest being at 14.7%
- Experts believe that the shift to virtual work will change the labor market forever, changing the
way companies are hiring workers which will also impact the unemployment rate.
- “The record-long United States economic expansion came to an end as a result of the COVID-19
pandemic, with forecasts of a deep recession in 2020. The outlook remains highly uncertain, as it
is difficult to gauge the social and economic impact of the pandemic, which will depend on the
success of containing the outbreak and the measures to restart economic activity.”
- “Three stimulus packages were approved by the United States Congress in March to address the
impact on households and businesses. New legislation was also approved in April and June to
improve the effectiveness of the programmes included in the previous three fiscal packages. The
United States Federal Reserve cut interest rates to the zero lower bound, offered unlimited
quantitative easing and deployed old and new policy tools aimed at keeping financial markets
functioning.”
19. Solution: International
- Follow WHO public health guidelines.
- Implement expansionary policy; i.e increasing the money supplied and
reducing interest rates.
- Increase long-term tax revenue by incentivizing the normalization of the
economy; offering stipends and service vouchers.
With increased tax revenue…
- Provide stimulus checks to unemployed and for loathed members of the
workforce.
- Subsidise research and development of a vaccine.
20. Solution: United States (Federallevel)
- Follow CDC/WHO Public Health Guidelines
- Federal Approach to COVID
- Focus on Market Trends
- Increase Human Capital → gov. Training programs, state workforces, etc.
- Focus on Long-Term relief :
- Supplement federal relief efforts
- Lower interest rates on loans
- Making job industry accessible
- Prepare for “online economies”
- Post-Pandemic Economy Prep
- Reskilling programs
- Invest Internationally
- Digitalize workplace
21. Solution: United States (State& local level)
- Follow CDC Public Health Guidelines
- Implement Expansionary Policy
- Support local economies: small business relief, relax regulations to
stimulate local demand, campaign to support community businesses
- State workforce programs
- Keep State Budget Balanced
- Tax Relief
- Infrastructure Investment
22. Takeaways
- Economic volatility is the result of changes in an economy’s ability to
produce and consume goods & services.
- Covid-19, and pandemics in general, slow down productivity- which
causes periods of economic recession.
While Covid-19 has had negative implications…
- We can learn from existing trends and better address pre existing issues.
- Improve health care coverage and infrastructure.
- Prepare for Post-Pandemic Economy/Interactions
23. Sources
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2020, http://www.china-cer.com.cn/hongguanjingji/202007286942.html.
Nick Routley. “Charts: The Economic Impact of COVID-19 in the U.S. So Far”, 31 July. 2020,
https://www.visualcapitalist.com/economic-impact-of-covid-h1-2020/.
Wei Chen. “Statistics of new urban employment, migrant workers and unemployment rate in the first quarter of 2020”,
17 Apr. 2020, https://m.huaon.com/detail/603497.html.
China Economic Information Network. “‘Double festival’ small and long holidays will stimulate ‘holiday effect’ and is
expected to usher in a wave of ‘consumption rebound’”22 Sept. 2020, https://m.huaon.com/detail/650639.html
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markets/?sh=f52e5b42d206
24. continued…
Gordon, Jackson. “Georgia’s Economy Continues to Recover from Virus.” The Brunswick News,
https://thebrunswicknews.com/news/local_news/georgias-economy-continues-to-recover-from-
virus/article_8c6f1f77-c83d-58a4-a60a-aa924003dc22.html.
Green, Josh. “Analysis: Georgia Has Country’s ‘Least Exposed’ Economy during Coronavirus Crisis.” Curbed Atlanta, 31
Mar. 2020, https://atlanta.curbed.com/2020/3/31/21201092/coronavirus-atlanta-georgia-economy-jobs-
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Nick Devlin |. NJ Advance Media for. “Coronavirus Slammed N.J.‘s Economy. See How Hard Your County Was Hit.” Nj, 16
Aug. 2020, https://www.nj.com/coronavirus/2020/08/coronavirus-slammed-njs-economy-see-how-hard-your-
county-was-hit.html.
New Jersey’s Economic Recovery Continues, but at Slowing Pace. https://www.rutgers.edu/news/new-jerseys-
economic-recovery-continues-slowing-pace.
25. continued…
“COVID-19 Economic Crisis: By State.” Carsey School of Public Policy | UNH, 16 Apr. 2020,
https://carsey.unh.edu/COVID-19-Economic-Impact-By-State.
Lessons from the Past on How to Revive the US Economy after COVID-19 | McKinsey.
https://www.mckinsey.com/industries/public-and-social-sector/our-insights/lessons-from-the-past-on-how-to-
revive-the-us-economy-after-covid-19#
“Protecting State Economies and Jobs During the Coronavirus Crisis.” State Policy Network,
https://spn.org/landing_page/coronavirus-economies/.
“Survey Reveals COVID-19’s Broad Impact, Solutions for Rebuilding Connecticut’s Economy.” CBIA,
https://www.cbia.com/news/media-releases/2020-survey-covid-19-impact-connecticut-economy/.
https://www.cepal.org/en/publications/45984-impact-covid-19-united-states-economy-and-policy-response
26. continued...
Staff, Investopedia. “Economic Growth Definition.” Investopedia, 26 Oct. 2020,
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Kovanda, Lukas, and Replication-Receiver. “Amid COVID-19, a Solution That Cares for People and
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