The Pandemic Economy

July 17, 2020 • Volume 30, Issue 26
When will it recover from COVID-19?
By Charles P. Wallace

Introduction

The COVID-19 pandemic that began in China late last year triggered the most severe global economic collapse since the Great Depression of the 1930s. By spring, half the world's population was forced to stay home to halt the spread of the disease, causing widespread business closures and millions of lost jobs. Governments pumped trillions of dollars into economic stimulus packages, and companies began to revamp their global supply chains, especially for critical medical supplies that had been almost exclusively manufactured in China. As employees who still had jobs switched to telework, many companies began to rethink their need for office space. When the lockdowns began to ease in late May, economic indicators started to show positive news. But that began to change as the virus erupted across the U.S. Sun Belt and the developing world in June and July. Economists said the pandemic's negative economic impact likely would be felt for years, as health officials warned about a second, more powerful wave of infections in the fall while the world awaits an effective vaccine.

Restaurant in Pembroke Pines, Fla., closed due to coronavirus (Getty Images/Johnny Louis)
A Sweet Tomatoes restaurant in Pembroke Pines, Fla., closed when the restaurant chain's parent company filed for bankruptcy due to the coronavirus outbreak. The pandemic has cost millions of Americans their jobs and triggered the worst economic collapse since the Great Depression. (Getty Images/Johnny Louis)
ISSUE TRACKER for Related Reports
Disease
Nov. 20, 2020  The Public Health System
Jul. 17, 2020  The Pandemic Economy
Jun. 26, 2020  Zoonotic Diseases
May 08, 2020  CTE and Athletes
Jan. 24, 2020  Conquering Rare Diseases
Sep. 13, 2019  Measles Resurgence
Nov. 30, 2018  Obesity Crisis
Jun. 15, 2018  Superbug Threat
Jun. 02, 2017  Pandemic Threat
Jul. 22, 2016  Mosquito-Borne Disease
Feb. 13, 2015  Emerging Infectious Diseases
Nov. 08, 2013  Lyme Disease
Jan. 06, 2012  Preventing Disease
Apr. 02, 2010  Breast Cancer
Sep. 12, 2008  Heart Health
Aug. 24, 2007  Fighting Superbugs
Jan. 13, 2006  Avian Flu Threat
Jun. 20, 2003  Fighting SARS
Apr. 05, 2002  Chronic Fatigue Syndrome
Mar. 09, 2001  Diabetes Epidemic
Mar. 02, 2001  Mad Cow Disease
Dec. 24, 1999  Asthma Epidemic
Aug. 05, 1983  Multiple Sclerosis
May 27, 1983  Chronic Pain: The Hidden Epidemic
Sep. 24, 1976  Influenza Control
Sep. 16, 1970  Virus Research
Mar. 14, 1956  Progress Against Polio
May 25, 1955  Degenerative Diseases
May 25, 1949  Chronic Disease
Mar. 01, 1924  The Foot and Mouth Disease
BROWSE RELATED TOPICS:
Air Safety and Security
Air Transportation
Congress Actions
Economic Crises
General International Relations
Hospitals
Infectious Diseases
International Economic Development
Party Politics
Public Transportation
Retail Trade