Skip to content

The cost of the Covid-19 pandemic has been estimated at $14 trillion.

Economists, public policy researchers and other experts from the University of Southern California used an economic model to estimate the financial toll the pandemic would have on the country.

The pandemic, which triggered once-unthinkable lockdowns and boosted the global economy, has killed more than 1.1 million Americans and hospitalized many more.

The researchers said the economic impact of the pandemic was ‘unprecedented’ for the US.

Economists, public policy researchers and other experts from the University of Southern California used economic modeling to estimate the financial toll the pandemic has taken on the country.

Economists, public policy researchers and other experts from the University of Southern California used economic modeling to estimate the financial toll the pandemic has taken on the country.

From January 2020 to December 2023, the researchers predicted the rate of financial losses from Covid using data from the first two and a half years of the epidemic.

They assessed the lost revenue due to forced business closings and also considered the economic burden of behavioral changes, including the displacement of restaurants, theaters and other busy venues.

Absenteeism and lost sales due to foot traffic stoppages, outbound flights and public gatherings have had a significant impact.

The hardest hit sectors were airline companies down 58 percent, dining down 27 percent, and health and social services down 30 percent.

Fortunately, the rise of online shopping, government relief packages and the shift to working from home have kept some economic activity alive.

In the year Between 2020 and 2023, the total net economic output of the U.S. will total approximately $103 trillion.

If Covid had not happened, the gross domestic product in those four years would have been $117 trillion.

The loss to US GDP is more than double the impact of the Great Recession between 2007 and 2009.

In the first two and a half years of the Covid-19 pandemic, revenue from air travel, restaurant dining and in-person visits has dropped by more than 50 percent.  The decline is due to changes in public behavior, regulations and health concerns.

In the first two and a half years of the Covid-19 pandemic, revenue from air travel, restaurant dining and in-person visits has dropped by more than 50 percent. The decline is due to changes in public behavior, regulations and health concerns.

It is 20 times more than the financial cost of the 9/11 terrorist attacks and 40 times more than what hit America in the 21st century.

The researchers estimated the health costs associated with Covid at $214 billion, equivalent to eight percent of the total annual output of the health care and social services sector.

They estimated that the total number of working days lost due to Covid is more than 600 million.

Although the federal government has now declared the end of the Covid public health emergency, the outbreak will have a lasting impact on the US economy.

The percentage of the population participating in the labor force dropped to 60.1 in April 2020 from 63.3 in February 2020.

It started to recover only last month and reached 62.6 percent.

The researchers noted that there were economic effects of Covid that they did not include, such as lost work years after early death or longer cases of Covid.

The loss of learning felt by students and the cost of how Covid affects people’s mental health is also not taken into account.

In the year In October 2022, researchers at the Center for American Testing, a conservative think tank, estimated the economic cost of closed businesses and the jobs lost due to lockdown measures in each state from January to March, 2021.

Then they estimated the cost per resident of those states — a Massachusetts family of four lost $11,448, while a comparable Mississippi family lost $4,016, according to the 42-page document.

Another study from November 2020 estimated the cost of government shutdowns during the early stages of the U.S. coronavirus pandemic and found that $6 million was lost for every one saved.

Researchers from the HEC Paris business school and the University of Bocconi in Milan found that between March and May, the U.S. shutdown saved 29,000 lives — but at a cost of $169 billion, or about $6 million per person.

The study examines the company’s declining market value and the costs of job losses during the shutdown, which put nearly 40 million people out of work.

[ad_2]

Comments

Leave a Reply

Your email address will not be published. Required fields are marked *