Covid-19 Economic Impact

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Principles of Economics Term Paper: The Impact of COVID-19 on the Economy Introduction The year 2020 is a year many people will not soon forget. The year 2020 changed the way people view everything. During the year 2020, the COVID-19 pandemic spread all over the world. This global pandemic affected every aspect of life, including the economy. According to (orange source), the United States, the largest economy in the world, had a reduction in gross domestic product (GDP) of around 3.4% in 2020 (orange source). This paper will show the different ways COVID-19 affected the economy, including tourism, the physical and mental health of people, trade, and unemployment. Tourism Tourism is a major part of our economy. When COVID-19 started to spread …show more content…
These issues have brought attention to the mental health of communities around the globe, ranging from severe social distancing policies to widespread school closures and increased family stress. The effects of these extraordinary changes have resounded far beyond the area of physical health. They have shown a concerning rise in mental health issues among the most disadvantaged members of society. According to green sources, the damage done to the mental health of the people under the age of 18 has been very severe. The pandemic's meta-analyses have highlighted the detrimental effects of epidemiological isolation on youth mental health. This caused alarming rises in suicidal thoughts, anxiety, sadness, and sleep disruptions noted in a variety of cultures. Due to the pandemic's unpredictability and the interruptions to social habits, a large number of young people are experiencing feelings of pessimism, despair, and loneliness. The startling increase in suicide behaviors among teenagers and young adults has been especially concerning. Although prompt interventions and support mechanisms may have reduced the frequency of suicide behavior, the pandemic caused a sharp increase in the occurrence of suicidal behaviors. Existing vulnerabilities and stressors have been worse because of the unique challenges presented by the epidemic. These range from strained social connections to increased economic uncertainty. Worldwide, the COVID-19 epidemic has presented difficult obstacles to people's physical health. At the forefront of these challenges lies the direct and indirect effects of the virus itself. Additionally, these can result in a wide range of symptoms for those who contract the infection. While some people may only suffer mild flu-like symptoms, others may develop severe respiratory distress that
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