Analysis of the Impact of Covid-19 on the U.S. Economy

DOI

10.2991/aebmr.k.220405.339How to use a DOI?

Keywords

Covid-19; US Economic Stimulus Policy; Unemployment; Stock Market

Abstract

At the beginning of 2020, Covid-19 swept the world and caused serious damage to the economic development of the United States. The U.S. economy is in its worst recession since the Great Depression. Now, with the help of Pfizer, Johnson & Johnson and Modena vaccines, people’s lives have mostly returned to normal, and the US economy has begun to slowly recover. This paper discusses the impact of Covid-19 on employment rate and financial market, and analyzes the short-term and mid- to long-term interest of the U.S. economic stimulus policy. Through analysis, the author finds that: the US government’s rescue policies have reduced the damage to the US economy from the Covid-19 epidemic and effectively stabilized the US financial market in the short term. However, the U.S. government’s premature ignoring of the epidemic and promoting economic recovery prematurely made epidemic prevention and control very difficult. In the long run, the unprecedented rescue policy may further deteriorate the relationship between the real economy and the financial system, increase the risk of government debt, and limit the growth potential of the economy in the medium and long term.

Copyright

© 2022 The Authors. Published by Atlantis Press International B.V.

Open Access

This is an open access article distributed under the CC BY-NC 4.0 license.

Download article (PDF)

TY  - CONF
AU  - Siyuan Qiu
PY  - 2022
DA  - 2022/04/29
TI  - Analysis of the Impact of Covid-19 on the U.S. Economy
BT  - Proceedings of the 2022 7th International Conference on Social Sciences and Economic Development (ICSSED 2022)
PB  - Atlantis Press
SP  - 2023
EP  - 2027
SN  - 2352-5428
UR  - https://doi.org/10.2991/aebmr.k.220405.339
DO  - 10.2991/aebmr.k.220405.339
ID  - Qiu2022
ER  -