Colossal economic impact
More Americans have now died from the recent Covid-19 outbreak than were victim to the 9/11 terrorist attacks almost two decades ago, as economists predict more pain for the nation’s economy in the weeks to come.
As of the 31 March the total detah toll in the US had surpassed 3,000 puttinng the nation on track to become the epicentre of the outbreak.
The speed which the coronavirus has ravished the country has caused many experts to predict a death toll in the hundreds of thousands with president Trump stating that it would be a ‘very good job’ if authorties could limiti the damamge to just 100,000.
“The virus’s death toll in the US hit more than 3,100 on March 30, exceeding the 2,977 victims who were killed in the World Trade Center, the Pentagon, and four hijacked planes on September 11, Abigail Weinberg, Digital Media Fellow at Mother Jones, notes adding that “The impact of September 11 went far beyond its initial death toll… In the three months following the attack, New York City’s economy lost 143,000 jobs each month and $2.8 billion in wages”
While direct comparison of the virus and the the 9/11 terrorist attack is impossible it seems certain that the prolonged impacts fo the outbreak on the economy will be similarly grim.
US faces three-year recovery
The World Economic Forum estimates that it could take three years for the US economy to recover from COVID-19.
“The economic impact in the US, however, could exceed anything experienced since the end of World War II. The industries hardest hit by COVID-19, including commercial aerospace, travel and insurance, may see a slower recovery. Within the travel sector, the shock to immediate demand is estimated to be five-to-six times greater than following the terror attacks of 11 September 2001 – though recovery may be quicker for domestic travel. The crisis has also amplified existing challenges or vulnerabilities in the aerospace and automotive industries, which will affect their recovery rates.,” a WEF spokesperson commented.