The coronavirus has deeply affected many of our lives. However, its impacts reach far beyond the disturbance of our daily routine. Unfortunately, it is causing harm to the economy.
The coronavirus first appeared in China, therefore their economy was the first to be affected by it. Their economy was hit quite harshly. For example, their industrial production fell 13.5% and retail sales dropped 20.5% according to the China National Bureau of Statistics. All this caused China’s economy to be the worst it’s been since 1976. Sadly, many other nations affected by the coronavirus are seeing similar economic declines.
The United States’ economy began to decline in March. The stock market, although previously fairly strong, began to see a dramatic decrease in stocks. The weekly unemployment claims hit a record high of 6.6 million this April, despite the less than a half million before the virus, according to the US Bureau of Statistics. Many businesses, especially the travel industries, are seeing a dramatic drop in revenue compared to 2019. Citizens recognize the economy is being hit, causing many to stockpile necessary items such as toilet paper, rice, and orange juice.
Speculators are trying their best to predict the future of the economy\; however, this challenging task is even harder now, due to the many unknowns surrounding the coronavirus. For example, speculators don’t know the true rates of infection and immunity, future policies, or the reactions of the public. Without knowing these variables, it becomes nearly impossible to predict the economic future. This hasn’t stopped speculators from trying. The Organization for Economic Cooperation and Development projects an economic decline in the entire world from a 2019 growth of 2.9% to a 2020 growth of 2.4%. However, it warns that if the coronavirus lasts longer than expected, then economic growth could decrease to 1.5%.
These speculations may seem quite disheartening, but there is some good news. Many banks are cutting interest rates in order to encourage spending, which should then boost the economy. Furthermore, the senate passed a $2 trillion coronavirus aid bill. Luckily, this helped the global economy.
In the end, there are three different possible scenarios for the long term impacts of the coronavirus on the economy after the current decline. One, the economy bounces right back and continues on its previous projected increase. Two, the economy never quite recovers. It still increases, but not as much as it would have initially. Three, the economy continues to decline. Obviously the first situation is the one everyone is hoping for. Hopefully the coronavirus cases will decrease soon, the world can go back to normal, and the economy will bounce back to its previous height.

Outline:
Corona virus introduction. History
Current effects
Projected effects
Solution!