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Coronavirus: How Is It Affecting Our Economy from a business standpoint?

With the coronavirus spreading around the world to numerous countries, it is affecting businesses,the stock markets, and production of items which all ties back to the economy.

The first way I think the virus is hurting the USA's economy is by hurting major airlines. These airlines that I mentioned are being affected by people having trepidation of flying on planes due to germs and the amount of people and not knowing where they have been, and this leads to cancelling their trips that are going in and out of the country. Now people don't even want to go to certain parts of the USA because the virus is growing in particular parts of this country. The airlines are losing hundreds of thousands of customers from this experience and they are losing a lot of money due to this whole disaster. How is this affecting our economy? The lack of ability to leave the country takes a big toll on the economy by making people not have the ability to spend their money in the USA and in other countries for vacations and for business figures. An example being business executives and workers from all over the world who now don't have the ability to go to conferences in other countries and in our own country and make their money. These big business gatherings are being cancelled and they are being moved to video chat, that is hurting our economy from a lack of people not having the ability to work and earn for themselves. Also if you have a job which is a job where you can't use technology to do your job and you can't work then you have no source of income at all, and not everyone is fortunate to have the situation to work remotely and still get paid.

Another way the virus is hurting our economy is by hurting the USA financially. Evidence for this hurting our economy is affecting Wall Street at the peak of the virus. An example is, "Wall Street, the financial capital of the world, felt a massive effect on Coronavirus," says The Wall Street Journal. Now stocks have taken dramatic drops over the past two weeks and the market is getting a grip. The reason I mention stocks is because a lot of business depend on the stock market or vice versa. For example if you own a car company no one is going to want to buy a car if they know the company's stocks are down. Another way I feel the virus has affected us financially is by hurting companies who rely solely on things from anywhere in China, and currently today China is a MAJOR source of importing and exporting of parts for thousands of companies of any kind from various countries. Because so many businesses have been closed in China for several weeks, some industry and production there have come to a standstill until the virus has come to a resting point.

The last way I feel the virus is affecting our economy is by making items less accessible than usual. When I say less accessible than usual I mean household items such as toilet paper, hand sanitizer, soap, food, and other household materials that are essential to everyday living. In this case the coronavirus is helping the grocery stores out in certain aspects by people buying more things than they usually would need, just in case they are quarantined for days. It affects the grocery stores by forcing them to be more cautious than they usually are especially with all the people that come in the store healthy or unhealthy. This means that it is partially helping the grocery stores and partially hurting them; in my opinion, mostly hurting them. As of now if you walk into any grocery store they are sold out of sanitizer, clorox wipes, and starting to sell out of any surface cleaning materials. This is bad because people are starting to stock up on materials for business and for their homes. The coronavirus can hurt a business like a grocery store by saying that an employee gets the virus and they don't know they have it until they have been tested and quarantined. That person will have been out in public at their job spreading that virus and leaving germs. That could turn into multiple cases of the coronavirus and the grocery store could have no choice but to close down the whole store. That is how it could hurt the grocery stores within a blink of an eye.

In conclusion, I feel the virus is affecting our economy in many different ways, and those ways may continue to escalate as we continue to see business closures and events being cancelled.