Monday, 30th of March was the first day that the number of U.S. deaths due to coronavirus grew by more than 500. Almost half of the deaths were reported in New York.
Currently the today number of positive coronavirus cases in United States are 164,253, out of which, number of deaths are 3,165, and recovered cases are 5,506.
The question for everyone today is:
Why corona virus is threatening US economy more than China ?
As we know that this virus is spreading all over the world from China widely. We have seen a string of deaths and heart stopping plunges in the stock market and an emergency rate cut by the Federal Reserve.
We can understand this thing in a practical way, US is a high income country and if people stay home, stop travelling and don’t going to any sporting events, the economy consequences would be worse.
If we compare businesses of America with China, we can easily know that how America will affect more than China.
Let we see the figures..
The Cruise ship stigma alone potentially affects 3.5% of the U.S., which has about 11.5 million passengers each year, compared with only 0.17% of China, which has about 2.3 million passengers.
U.S. have very high revenue from their sporting events, if their stadium remains empty, then they have to bear a huge amount of loss, America have 10 times more income in sporting events than China.
And if we talk about gym, then in America 60 million people go to gym a year and in China its only 6.6 million.The main impact of coronavirus is on retail business because public is scared of buying products, they have threat of spreading the virus.
Right now US has the most Coronavirus positive cases in the world and the President Donald Trump had extended the social distancing guidelines to April30.
To put the U.S. economy on steady footing that the Congress and the Trump administration Engage in fiscal stimulus and embrace 5 key principles for economic policy action in response to the coronavirus:
1. Do not harm.
2. Put more resources on public efforts.
3. Assure businesses that things will be fine if the virus hits their sector and remediate harm when necessary.
4. Calm financial markets.
5. Ease the risks for households and vulnerable populations.
The President Donald Trump had signed an $8.3 billion spending bill to fight the coronavirus.
Stock market is reflecting a lot, right now market has some gain as compared to before but still there are no investors.