Economic Impact Of COVID-19


Conrad Broderick, Digital Editor

COVID-19 has resulted in over 34 million confirmed cases worldwide and about 1 million deaths.

It has impacted many communities and businesses across the country which is impacting the financial markets and the national economy. The virus caused many businesses to have to be shut down, causing many people to be unemployed. The unemployment rate combined with the amount of businesses that are shut down caused an economic collapse. From education to agriculture, the COVID-19 outbreak has been destroying the economy. COVID-19 is especially attacking the agricultural sector in our national economy. A​ ​crash in demand from hotels and restaurants has seen prices of agricultural commodities drop by 20%. Meaning resources and crops are at an all time shortage. This will mean higher demand for crops that are less in stock meaning an increase in value in that crop. It has also impacted small businesses across the country. Small business owners are seeing less people coming into their establishment due to the coronavirus also causing businesses to close taking jobs away from the people. COVID-19 has affected all levels of the education system. Some schools have opted to close schools completely and continue online. Other schools are using a “hybrid” approach of education where half the students go into the school and half is online. This may have some issues because people are still susceptible to COVID-19.