Sean Jasso Authors Op Ed on the Impact of a Virus on the Global Economy in Fox & Hounds
Last week the Commerce Department released gross domestic product data sharing information on the overall economy. The U.S. is experiencing low unemployment, climbing wages, lower household debt, and a robust stock market are credited with supporting a strong economy. Strong consumer spreading is the primary reason for the steady U.S. GDP growth rate. Many other countries have also been experiencing a steady GDP growth rate and there was much promise for China after phase one of the U.S. and China trade deal finalized.
At the peak of the 2020 Lunar New Year season, China was hit by the coronavirus, directly impacting the general health and mobility of the nation. The coronavirus outbreak has reminded everyone how interdependent national markets really are. Companies like Apple, for example, have been directly influenced by the shutdown of entire factory lines. Airlines throughout the world are not flying to China and most countries are upholding visa restrictions to further restrain travel and trade, to and from China. According to The World Tourism Organization, Chinese tourists spend $258 billion a year. Read more.