China's economy is taking a big blow due to the new corona virus. But the U.S. economy will also suffer from the virus. Goldman and Sachs predict the virus will slow our economy by 0.6% which is a fairly large hit to an economy that grows at 2% annually. The virus is mostly affecting industrial progress and imports from China. This will likely last for a large chunk of 2020. On the upside, household spending is staying strong in the U.S. and our economic growth will be driven by the consumers.
https://www.marketwatch.com/story/here-are-vulnerable-parts-of-the-us-economy-that-coronavirus-may-infect-2020-02-15
2 comments:
There are many effects that the coronavirus has had on U.S. economy and will continue to have, because the economies of U.S. and China are so interlocked.
The virus has affected many global economies around the world. The US is no exception, but I believe the economy can bounce back if there are policies set by the government. China and Japan are taking the blunt of the force and it will be much harder for them to recover.
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