It is necessary to scale down different areas to understand their contribution to the state's economic angle. In the wake of recent events, more specifically coronavirus, a lot of factors have been affected. The loss of human life and other health-related problems could be difficult to measure quantitatively. However, a study from Harvard University formulated the economic angle of COVID-19 in terms of the unemployment rate, GDP, and human health toll.
The following infographic provides a brief overview of the post-COVID-19 situation. When talking about the U.S and its COVID-19 cost, the first thing that tops the list is the unemployment rate. Because of such unfortunate events in the department of unemployment, U.S has observed a loss of $7.6 Trillion in its GDP. Followed by unemployment, the increased rate of depression and anxiety among such individuals was also observed, leading to the GDP cost of $1.6 Trillion for mental illnesses and impairment. Other factors, including Premature Death and Long-Term Health Impairment, have a GDP cost of $4.4 Trillion and $2.6 Trillion, respectively.
When post-COVID19 results compared with the post 9/11 war situation, many commonalities could easily be observed, such as prolonged health illnesses even after being back to normal conditions. Taking a look back at the 9/11 wars and how the state recovered from it, several categories contributed to the total cost of $6 trillion. These factors include the Department of Defense with the cost of $1.9 Billion, USAID with the cost of $131 Billion, Borrowing for DOD, and State Dept OCO Spending with the cost of $925 Billion and so on.
Despite more factors associated with the post-war situation, the war's total cost is still computed to be extremely less than the one calculated in the post-COVID19 period. This leads us to the current measures taken in the U.S. to put an end to the coronavirus along with the road to economic recovery sided by the side.
The following infographic provides a brief overview of the post-COVID-19 situation. When talking about the U.S and its COVID-19 cost, the first thing that tops the list is the unemployment rate. Because of such unfortunate events in the department of unemployment, U.S has observed a loss of $7.6 Trillion in its GDP. Followed by unemployment, the increased rate of depression and anxiety among such individuals was also observed, leading to the GDP cost of $1.6 Trillion for mental illnesses and impairment. Other factors, including Premature Death and Long-Term Health Impairment, have a GDP cost of $4.4 Trillion and $2.6 Trillion, respectively.
Despite more factors associated with the post-war situation, the war's total cost is still computed to be extremely less than the one calculated in the post-COVID19 period. This leads us to the current measures taken in the U.S. to put an end to the coronavirus along with the road to economic recovery sided by the side.
Infographic by: Visualcapitalist.com
