https://www.nytimes.com/2020/04/18/business/economy/coronavirus-economy-survey.html
Six in ten Americans are expecting a five-year depression after the coronavirus, but it is also bringing people together. Those who have lost their low-income jobs don't have hopes they will be employed anytime soon. Even if people are employed they are worried about losing their jobs quickly. On the other hand, some people believe the economy will return back to its normal success soon. People have less confidence in our economy and will be spending less, which doesn't help our economy. Do you think our economy will continue on its success soon, or do you think there is more to worry about a possible depression?
4 comments:
It will be very irrational to predict the economic consequences right now, because there could be two likely scenarios. In scenario one if the pandemic gets containes by June, we can expect a v shaped economic recovery. This is where the economy will take a jump start immediately. In scenario two, if the pandemic lasts the entire summer then we are looking at a u shaped economy recovery. It will then take almost two years for the recovery.
I agree with Fatima, I think that it will depend on if the virus is contained by the summer, or if it will go until August. I do think that it will take some time before the economy is back to normal just by seeing what has happened in this short amount of time. Some businesses can recover more quickly than others, but we we have already seen some small businesses and institutions have closed down because of this pandemic.
Fatima makes a great point on how it would be irresponsible to make any assumptions about the future of the world right now, especially economically. This virus has changed everything, absolutely everything. There is going to be a lot of time before we get back to "normal", which there will be a new "normal" because of all this. Some things will be able to bounce back, and some others won't, but the thing that is for sure is that none will be the same and the foundation of many will probably have a seismic shift that we feel for decades to come.
In agreement with the previous comments, 100% normalcy is not something we will see for a few years at least, even with the prospect of a vaccine. As Joey stated above, this virus has changed how businesses of all kinds function on a day to day basis, and has even cause some companies to consider going almost completely remote. It has also completely changed the way we look at public health as whole, so much so that it will not just go away in a year.
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