What is the financial status of the coronavieus.
Answers
Answer:
Covid-19 (Coronavirus) is having a worldwide impact which in turn has affected individuals, families, businesses, governments in such a deep negative way, that its impact assessment is yet to be known by everyone.
Covid-19’s impact is on every part of society which may include either social, economic or geographical and every affected area would take its own time and cost to turn back to normal. As we speak, the virus is spreading and we are at such a juncture, that we ourselves not know how further deep we will go.
Covid-19 outbreak has implications for areas such as accounting and auditing, as well. Certainly, both functions are deeply affected and we will discuss and address the impact on both.
Explanation:
Economic Impact of COVID-19
As of the publication of this post, COVID-19 is having a massive effect on the US Economy, even if it is not felt yet on everyone’s household budgets. From cancellation of sporting events and religious gathers to the closing of travel between the US and other countries, international trade is being severely disrupted.
While we pride ourselves in America for our rugged independent natures, sometimes even to excessive isolationism, we are going to see over the next few months and year how interconnected we are economically to countries around the world. As the importation of goods from Europe comes to a practical standstill and products made in Asia diminish from retail shelves every day, Americans will have fewer choices for purchasing their consumer goods.
While this seems like a boon to American Made brands, fewer consumer goods being sold means fewer purchases, which means lower business profits, which in turn means less income to hire and pay employees. With this basic understand of the chain reaction that leads from lower trade to smaller or fewer paychecks, you can generally expect a slowdown in the US economic to last more than a month or two. Many economist expect the financial effects of the COVID-19 pandemic to cause greater economic stress in the US than even the housing crisis and Great Recession of the late 2000s.
Because the US and world’s general economic situation was overall quite healthy before the novel coronavirus outbreak in the fall of 2019, recovery should eventually be less painful than it otherwise could have been. However, you should also expect the fallout from the pandemic to affect you directly and personally in your wallet.
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