As the United States is trying to effectively contain the COVID-19 outbreak. Life is gradually coming to a halt and that includes the economy. We know that practically all the industries he coronavirus pandemic; however, some of the industries would be most badly hit by the downturn that ensues.
As per https://edition.cnn.com, the US economy would be bearing the COVID-19 scar. All through 2021 and that has been claimed by IMF’s chief economist. The United States is still not ready to re-open the nation as per a renowned infectious disease doctor.
We can, therefore, understand that all the industries are going through a terrible phase and among them. Has come up with recommendations to avoid and also gatherings or groups of more than 50 individuals. Some states and cities have asked the restaurants to switchover solely to takeout. We can assume that millions of jobs in the restaurant sector. May be lost or seriously affected by the coronavirus outbreak.
The country’s $261 billion gaming and also casino industry has been compelled to close down. Because of the necessary measures for containing the spread of the deadly coronavirus outbreak. We understand that casinos across the nation whether in Atlantic City, Las Vegas. And other prominent gaming destinations, all have been shut down. Moreover, all casinos across Illinois and also close down for a couple of weeks. Moreover, the racetracks, casinos, and all other betting facilities of Maryland have been asked to close down indefinitely. With the cancelation of NHL, NBA, European soccer, and all other big sporting events. The betting industry seems to have completely dried up.
We understand that the Canadian and the American airline industry. It could be losing almost $21.1 billion in terms of revenue as projected by the ‘International Air Transport Association’. United Airlines is getting ready to face a $1.5 billion decline in revenue. All the leading airlines operating in the United States have urged the government. To consider giving $25 billion in terms of grants and around $25 billion in terms of no or low-interest loans.
We understand that the hotel industry in the United States employs more than 1.6 million people. However, because of the lockdown across the nation, people are staying away from the hotels hence; the demand for all hotels has drastically gone down. In response to the pandemic, several hotels in Seattle. New York City, Tennessee, Knoxville, and also many others have started firing a chunk of their workers. Even hotel workers who are employed in popular tourist destinations are quite likely to lose their jobs.
The retail industry in the USA pandemic. Many major retailers in sports goods, fashion, and also even tech have been forced. To shut down as a result of the outbreak of coronavirus.
Many other industries have been impacted severely because of the pandemic. And would take them over a year to fight back and also make up for the huge losses.