Opinion: ‘Unprecedented by most measures’: Calculating the astonishing economic costs of COVID
1 year, 7 months ago

Opinion: ‘Unprecedented by most measures’: Calculating the astonishing economic costs of COVID

LA Times  

The economic toll of the COVID-19 pandemic in the United States will reach $14 trillion by the end of this year, our team of economists, public policy researchers and other experts estimate. We used data from the first 2½ years of the pandemic to forecast total economic losses from the pandemic over four years, from January 2020 through December 2023. While we found that most economic losses from the pandemic were not because of direct healthcare expenditures, these scenarios show how widely those losses could have varied depending on the nation’s response. Economic losses could be reduced by more careful assessments of the need for mandatory closures, better communication about risk to reduce unnecessary avoidance of public spaces, and more targeted and better administered fiscal stimulus.

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History of this topic

Americans will run out of pandemic savings next month, Fed warns
1 year, 4 months ago

Americans will run out of pandemic savings next month, Fed warns

The Telegraph  

Americans will burn through all their pandemic savings by the end of September, according to estimates by the Federal Reserve. Research by economists at the Federal Reserve Bank of San Francisco found Covid-related savings in the US had fallen to less than $190bn in June. Tim Drayson, head of economics at Legal and General Investment Management, said the “unsustainable drawdown …

Hundreds of millions of life years lost to pandemic: WHO
1 year, 7 months ago

Hundreds of millions of life years lost to pandemic: WHO

The Hindu  

Nearly 337 million life years were lost in the two first years of the Covid-19 pandemic, as millions of people died prematurely, the World Health Organization said on Friday. While the WHO officially registered 5.4 million Covid deaths in 2020 and 2021, its excess mortality data shows around 14.9 million people actually likely died due to the crisis over that …

US ends COVID-19 health emergency today: Key figures defining the pandemic
1 year, 7 months ago

US ends COVID-19 health emergency today: Key figures defining the pandemic

Firstpost  

Though daily life has long returned to near-normal for many in the United States, the official end of the COVID-19 health emergency Thursday night still marks a new post-pandemic era for the country. Three years of health emergency A state of emergency was first declared in the United States in January 2020, more than three years ago. 1.1 million deaths …

Three years, 1.1 million deaths: COVID emergency ending in US
1 year, 7 months ago

Three years, 1.1 million deaths: COVID emergency ending in US

Al Jazeera  

As US public health emergency declaration comes to an end, Al Jazeera looks at the pandemic’s heavy toll on the country. More than 1.1 million COVID-19 deaths were recorded in the US since the emergency declaration was first issued in January 2020 – more than any other country in absolute numbers. 1.1 million deaths The United States has recorded more …

China Covid toll concern for world given size of its GDP, economy: US State dep
2 years ago

China Covid toll concern for world given size of its GDP, economy: US State dep

Hindustan Times  

The United States hopes that China can address the current COVID-19 outbreak as the toll of the virus is a global concern due to the size of the Chinese economy, State Department spokesperson Ned Price said on Monday. "The toll of the virus is of concern to the rest of the world given the size of China's GDP, given the …

‘The pandemic is over,’ some declare. It again misses larger point of COVID-19, experts say
2 years, 3 months ago

‘The pandemic is over,’ some declare. It again misses larger point of COVID-19, experts say

LA Times  

As California enters fall with the coronavirus very much on the decline, some are once again declaring victory. “The pandemic is over.” It’s a pronouncement we’ve heard several times in the more than 2½ years since the World Health Organization declared COVID-19 a pandemic. “We are much better off now,” Dr. Anthony Fauci, Biden’s chief medical advisor for the pandemic, …

The pandemic economy will outlast the outbreak of covid
2 years, 3 months ago

The pandemic economy will outlast the outbreak of covid

Live Mint  

We may be learning to live with covid but as the latest inflation report shows, it’s still a pandemic economy. Two-and-a-half years after the first lockdowns, the economy remains weird: It can take more than a year to a get a dishwasher, many months to get a passport, businesses are short-staffed, stores routinely run out of staples like pain reliever …

Op-Ed: No, Mr. President, the pandemic isn’t over
2 years, 3 months ago

Op-Ed: No, Mr. President, the pandemic isn’t over

LA Times  

On “60 Minutes” on Sunday, President Biden declared “the pandemic is over.” Well into our third year of battling COVID-19, we all wish that were true. There have been more than 2 million confirmed new COVID infections in the last month, and considering the untested and unreported cases, the real number is a multiple of that, most probably at least …

US deaths from COVID hit 1 million, less than 2 1/2 years in
2 years, 7 months ago

US deaths from COVID hit 1 million, less than 2 1/2 years in

Associated Press  

The U.S. death toll from COVID-19 hit 1 million on Monday, a once-unimaginable figure that only hints at the multitudes of loved ones and friends staggered by grief and frustration. “It is hard to imagine a million people plucked from this earth,” said Jennifer Nuzzo, who leads a new pandemic center at the Brown University School of Public Health in …

The workers hit the hardest
2 years, 8 months ago

The workers hit the hardest

The Hindu  

According to the Centre for Monitoring Indian Economy ’s Consumer Pyramids Household Survey, employment in India fell from 408.9 million in 2019-20 to 387.2 million in 2020-21 and then recovered to 401.8 million in 2021-22. The 7 million jobs lost over the two years since the COVID-19 outbreak is unevenly distributed, so it may be difficult to cover most of …

Experts say U.S. suspension of COVID aid will prolong pandemic
2 years, 8 months ago

Experts say U.S. suspension of COVID aid will prolong pandemic

LA Times  

In the latest Senate package targeted at stopping the coronavirus, U.S. lawmakers dropped nearly all funding for curbing the virus beyond American borders — a move many health experts slammed as dangerously short-sighted. He said Uganda has leaned heavily on donor help — it received more than 11 million vaccines from the U.S. — and that any cuts “would make …

COVID-19 | Death toll nears six million as pandemic enters its third year
2 years, 10 months ago

COVID-19 | Death toll nears six million as pandemic enters its third year

The Hindu  

The official global death toll from COVID-19 is on the verge of eclipsing six million — underscoring that the pandemic, now entering its third year, is far from over. Hong Kong, which is seeing deaths soar, is testing its entire population of 7.5 million three times this month as it clings to mainland China’s “zero-COVID” strategy. Four months later another …

COVID-19 has now killed 6 million people as pandemic enters its third year
2 years, 10 months ago

COVID-19 has now killed 6 million people as pandemic enters its third year

LA Times  

The official global death toll from COVID-19 eclipsed 6 million Monday, underscoring that the pandemic, now entering its third year, is far from over. Hong Kong, which is seeing deaths soar, is testing its entire population of 7.5 million three times this month as it clings to mainland China’s zero-tolerance COVID strategy. Death rates worldwide are still highest among people …

Death toll nears 6 million as Covid-19 pandemic enters its 3rd year
2 years, 10 months ago

Death toll nears 6 million as Covid-19 pandemic enters its 3rd year

India Today  

The official global death toll from COVID-19 is on the verge of eclipsing 6 million - underscoring that the pandemic, now in its third year, is far from over. READ: Hong Kong retail chains ration staples to curb COVID panic buying Hong Kong, which is seeing deaths soar, is testing its entire population of 7.5 million three times this month …

The economic clouds on the horizon for 2022
3 years ago

The economic clouds on the horizon for 2022

The Independent  

Hopes that 2022 would herald a happier and more prosperous 12 months after the economic volatility of 2021 were dealt an early blow by the emergence of a new Covid-19 variant, but there are plenty of other challenges for the world economy in 2022. ONE says that some 43.2 per cent of the world’s population – 3.4 billion people, predominantly …

Global airline industry sees $201bn in COVID-related losses
3 years, 3 months ago

Global airline industry sees $201bn in COVID-related losses

Al Jazeera  

The combined $201bn in net losses over the pandemic-blighted period eclipses close to nine years of industry earnings, according to the International Air Transport Association. Airline losses from the coronavirus pandemic are set to surpass $200 billion as travel curbs weigh on corporate and long-haul demand well into 2022, according to the industry’s main lobby. Carriers are poised to post …

As rich-poor divide widens between nations, UN urges reform
3 years, 3 months ago

As rich-poor divide widens between nations, UN urges reform

Al Jazeera  

Developing countries could shoulder most of the cost of the coronavirus crisis, a new report from the UN warns. “The danger of a lost decade ahead remains a very real one,” Richard Kozul-Wright, UNCTAD’s director of globalisation and development strategies, told Al Jazeera. “And so far, the discussion of reform of the multilateral system, along the lines that followed the …

100,000 more COVID deaths seen unless US changes its ways
3 years, 4 months ago

100,000 more COVID deaths seen unless US changes its ways

Associated Press  

The U.S. is projected to see nearly 100,000 more COVID-19 deaths between now and Dec. 1, according to the nation’s most closely watched forecasting model. White House COVID-19 coordinator Jeff Zients said Tuesday that in Alabama, Arkansas, Louisiana and Mississippi, “more people got their first shots in the past month than in the prior two months combined.” Also, millions of …

A steep drop in American life expectancy is only partly because of the pandemic
3 years, 5 months ago

A steep drop in American life expectancy is only partly because of the pandemic

Salon  

Between 1942 and 1943, the average life expectancy of an American fell by 2.9 years. In general, American life expectancy has risen or remained stagnant every year for the past fifty years, until around 2014 when it tapered off and dipped very slightly. Yet in 2020, the United States is facing a far more dramatic drop in life expectancy, attributable …

COVID pandemic continues to weigh on economy, labour market: US Federal Reserve
3 years, 5 months ago

COVID pandemic continues to weigh on economy, labour market: US Federal Reserve

India TV News  

The US Federal Reserve said that the Covid-19 pandemic continues to weigh on the American economy and the labour market, reiterating the central bank will maintain its ultra-loose monetary policy. "Over the first half of 2021, progress on vaccinations has led to a reopening of the economy and strong economic growth, supported by accommodative monetary and fiscal policy," the Fed …

U.S. COVID-19 deaths hit 600,000, equal to yearly cancer toll
3 years, 6 months ago

U.S. COVID-19 deaths hit 600,000, equal to yearly cancer toll

LA Times  

Transporters Miguel Lopez, right, and Noe Meza prepare to move the body of a COVID-19 victim to a morgue at Providence Holy Cross Medical Center in Los Angeles in early January. The U.S. death toll from COVID-19 topped 600,000 on Tuesday, even as the vaccination drive has drastically brought down daily cases and fatalities and allowed the country to emerge …

American billionaires made $1.3 trillion during Covid pandemic
3 years, 9 months ago

American billionaires made $1.3 trillion during Covid pandemic

The Independent  

The latest headlines from our reporters across the US sent straight to your inbox each weekday Your briefing on the latest headlines from across the US Your briefing on the latest headlines from across the US SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Even as millions of …

AP-NORC poll: Many in US still face COVID-19 financial loss
3 years, 10 months ago

AP-NORC poll: Many in US still face COVID-19 financial loss

Associated Press  

CHARLOTTE, N.C. — Roughly 4 in 10 Americans say they’re still feeling the financial impact of the loss of a job or income within their household as the economic recovery remains uneven one year into the coronavirus pandemic. The poll shows that about half of Americans say they have experienced at least one form of household income loss during the …

Global business travel to grow 21% in 2021, trade group forecasts
3 years, 11 months ago

Global business travel to grow 21% in 2021, trade group forecasts

Live Mint  

Business travel spending is forecast to grow 21% this year worldwide, helped by the rollout of Covid-19 vaccines, but will not recover to pre-pandemic levels until the middle of the decade, a business travel association said on Tuesday. Spending on business travel is projected to rise to $842 billion in 2021, according to the Global Business Travel Association's BTI Outlook, …

The engine of the US economy, consumer spending, sputters again
3 years, 11 months ago

The engine of the US economy, consumer spending, sputters again

Al Jazeera  

Surging COVID-19 infections and restrictions in December slammed the brakes on the engine of the US economy – consumer spending – for the second consecutive month. Business-sapping restrictions designed to contain spiralling COVID-19 infections slammed the brakes on the engine of the United States economy in December, as consumers kept their wallets snapped shut and hunkered down at home. Consumer …

COVID-19 pummels US economy in 2020; performance weakest in 74 years
3 years, 11 months ago

COVID-19 pummels US economy in 2020; performance weakest in 74 years

Live Mint  

Washington: The U.S. economy contracted at its sharpest pace since World War Two in 2020 as the COVID-19 pandemic depressed consumer spending and business investment, pushing millions of Americans out of work and into poverty. In the fourth quarter, GDP increased at a 4.0% annualized rate as the virus and lack of another spending package curtailed consumer spending, and partially …

U.S. economy shrank 3.5% in 2020 but grew 4% in the last quarter
3 years, 11 months ago

U.S. economy shrank 3.5% in 2020 but grew 4% in the last quarter

LA Times  

Stuck in the grip of the COVID-19 pandemic, the U.S. economy shrank in 2020 by the largest amount in 74 years but grew at a 4% annual rate in the final three months of the year. For 2020 as a whole, a year when the coronavirus inflicted the worst economic freeze since the end of World War II, the economy …

COVID-19 pandemic increasing disparities, social fragmentation; threatening economy, geopolitical stability: WEF study
3 years, 11 months ago

COVID-19 pandemic increasing disparities, social fragmentation; threatening economy, geopolitical stability: WEF study

The Hindu  

The COVID-19 pandemic has not only claimed millions of lives, it is also increasing disparities and social fragmentation, while it will threaten the economy in the next 3-5 years and will weaken geopolitical stability over the next 5-10 years, a study showed on January 19, In its annual Global Risks Report, the World Economic Forum also termed ‘infectious diseases’ as …

Growth in Q4 forecast to hit pre-virus rate
3 years, 11 months ago

Growth in Q4 forecast to hit pre-virus rate

China Daily  

Nation likely to be only major economy to have achieved positive results in 2020 China's economic growth is expected to equal pre-COVID-19 levels in the last quarter of 2020, and Beijing will ramp up efforts to help businesses still in distress and promote a more balanced recovery, experts said on Friday. But a GDP growth figure reaching pre-COVID-19 levels does …

Study projects coronavirus pandemic will reduce US life expectancy in 2020
3 years, 11 months ago

Study projects coronavirus pandemic will reduce US life expectancy in 2020

CNN  

CNN — The coronavirus pandemic is not only having an immediate impact in terms of the deaths of thousands of Americans, it’s also taking more than a year off the average US life expectancy. Consequently, Covid-19 is expected to reverse over 10 years of progress made in closing the Black−White gap in life expectancy and reduce the previous Latino mortality …

The US reported more than 4,000 Covid-19 deaths in one day for the first time ever
4 years ago

The US reported more than 4,000 Covid-19 deaths in one day for the first time ever

CNN  

CNN — The US reported more than 4,000 Covid-19 deaths Thursday – the most virus-related deaths the country has reported in one day since the pandemic’s start. Surgeon General January 7, 2021 Adams’ comments were echoed by Kentucky Health Commissioner Dr. Steven Stack, who said Thursday that sticking to guidelines of who should be prioritized for the vaccine “should not …

Covid, pandemic and lockdown: How 2020 changed the world
4 years ago

Covid, pandemic and lockdown: How 2020 changed the world

Live Mint  

When the world celebrated the dawn of a new decade with a blaze of firework parties and revelry on January 1, few could have imagined what 2020 had in store. "This is a pandemic experience that's unique in the lifetime of every single person on Earth," says Sten Vermund, infectious disease epidemiologist and dean of Yale School of Public Health. …

A pandemic atlas: USA by the numbers, telling and horrifying
4 years ago

A pandemic atlas: USA by the numbers, telling and horrifying

Associated Press  

Month after dismal month, Americans have been inundated by an ever-rising tide of devastating numbers. By mid-December, five in every 100 Americans — more than 16 million — had been infected by COVID-19. But they don’t fully capture the multitude of ways, large and small, that the virus has upended and reconfigured everyday life in the U.S. For that, there …

A pandemic atlas: USA by the numbers, telling and horrifying
4 years ago

A pandemic atlas: USA by the numbers, telling and horrifying

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. But they don’t fully capture the multitude of ways, …

US coronavirus: 200 hospitals have been at full capacity, and 1/3 of all US hospitals are almost out of ICU space as Covid-19 surges
4 years ago

US coronavirus: 200 hospitals have been at full capacity, and 1/3 of all US hospitals are almost out of ICU space as Covid-19 surges

CNN  

CNN — More Americans who don’t even have coronavirus are suffering from soaring Covid-19 hospitalizations. “Things are really bad,” said Dr. Ashish Jha, dean of the Brown University School of Public Health. So it’s a much broader public health problem than just a Covid problem.” A day of extreme hope and despair Thursday should have been a day of great …

Covid-19 to Cost $11.5 Trillion to Global Economy, Countries to Lose $5 Trillion in GDP: Study
4 years, 1 month ago

Covid-19 to Cost $11.5 Trillion to Global Economy, Countries to Lose $5 Trillion in GDP: Study

News 18  

The coronavirus pandemic is estimated to cost the global economy a whooping 11.5 trillion dollars including $5 trillion to $5.6 trillion in GDP, a study collated by experts from medicine, economics, environment and conservation shows. “The world may lose at least 5 trillion dollars in GDP in 2020, and the willingness to pay for the live lost constitutes many additional …

As U.S. Reaches 250,000 Deaths From COVID-19, A Long Winter Is Coming
4 years, 1 month ago

As U.S. Reaches 250,000 Deaths From COVID-19, A Long Winter Is Coming

NPR  

Reaches 250,000 Deaths From COVID-19, A Long Winter Is Coming Enlarge this image toggle caption Jeff Chiu/AP Jeff Chiu/AP The United States has surpassed yet another devastating milestone in the ongoing COVID-19 pandemic: 250,000 Americans have now died from the disease. "Every day that we learn about it, I think we're treating it more effectively," says Ryan Taube, an emergency …

Global economic bailout is running at $19.5 trillion. It will go higher
4 years, 1 month ago

Global economic bailout is running at $19.5 trillion. It will go higher

CNN  

London CNN Business — Governments and central banks have promised to shell out $19.5 trillion since the coronavirus erupted to “put a floor under the world economy,” according to the International Monetary Fund. While coronavirus vaccine candidates point to improved prospects for the global economy next year, they won’t help countries much in the immediate future. In the United States, …

A Lost Decade: Decoding the cost of Covid-19 pandemic
4 years, 2 months ago

A Lost Decade: Decoding the cost of Covid-19 pandemic

India Today  

A decade after facing the worst financial crisis since the Great Depression in the 1930s, the world has again stumbled upon an unprecedented economic challenge due to a microscopic virus. Citing International Labour Organisation estimates, the UNCTAD report indicated that the pandemic has put jobs of more than 500 million people in jeopardy, mainly in the developing world. In what …

World Economy Unlikely to Re-attain Pre-pandemic Output Levels Before 2022: Report
4 years, 4 months ago

World Economy Unlikely to Re-attain Pre-pandemic Output Levels Before 2022: Report

News 18  

With COVID-19 still dominating major developments globally, the world economy is not likely to re-attain pre-pandemic output levels before 2022, says a report. According to Dun & Bradstreet Country Risk and the Global Outlook, "nothing about the pandemic can be classified as over, despite recoveries in activity levels in some economies in Q3, as evident in PMIs, Google Mobility data …

World economy: What else could go wrong before 2020 is done
4 years, 4 months ago

World economy: What else could go wrong before 2020 is done

Live Mint  

The world economy’s rebound from the depths of the coronavirus crisis is fading, setting up an uncertain finish to the year. Adding 1.4 million jobs in August was “a big step in the right direction,” said Ryan Sweet, head of monetary policy research at Moody’s Analytics. But the economy needs to maintain that kind of pace, he said, and “without …

Opinion: Covid-19 has scarred the global economy, but it’s not too late to change course
4 years, 4 months ago

Opinion: Covid-19 has scarred the global economy, but it’s not too late to change course

CNN  

Editor’s Note: This article was originally published in its entirety in the International Monetary Fund’s fall 2020 issue of Finance & Development Magazine. And this means it goes disproportionately after the poor, especially in poor countries and in advanced economies like the United States where access to health care is not guaranteed. There are many reasons for these differences: the …

U.S. coronavirus deaths projected to more than double to 410,000 by January
4 years, 4 months ago

U.S. coronavirus deaths projected to more than double to 410,000 by January

India Today  

U.S. deaths from the coronavirus will reach 410,000 by the end of the year, more than double the current death toll, and deaths could soar to 3,000 per day in December, the University of Washington's health institute forecast on Friday. The U.S. death rate projected by the IHME model, which has been cited by the White House Coronavirus Task Force, …

Coronavirus model projects more than 317,000 US Covid-19 deaths by December
4 years, 4 months ago

Coronavirus model projects more than 317,000 US Covid-19 deaths by December

CNN  

CNN — Companies testing Covid-19 vaccines should know by the end of the year whether any can protect people from the virus, federal officials say. “We obviously have two of our six vaccine candidates that are in phase three clinical trials right now… We will have four vaccines in phase three clinical trials by the middle of next month.” LIVE …

Difficult to Accurately Assess Economic Impact of Covid-19 Due to Evolving Dynamics: RBI
4 years, 4 months ago

Difficult to Accurately Assess Economic Impact of Covid-19 Due to Evolving Dynamics: RBI

News 18  

The Reserve Bank on Tuesday said it is difficult to accurately assess the economic impact of COVID-19 pandemic as the dynamics are still evolving. "COVID-19's epidemiological dynamics are still rapidly evolving in India, rendering difficult an accurate assessment of its full macroeconomic effects," RBI said in its annual report. It said dynamic stochastic general equilibrium model built on New Keynesian …

Difficult to accurately assess economic impact of Covid-19, says RBI
4 years, 4 months ago

Difficult to accurately assess economic impact of Covid-19, says RBI

Business Standard  

The Reserve Bank on Tuesday said it is difficult to accurately assess the economic impact of COVID-19 pandemic as the dynamics are still evolving. "COVID-19's epidemiological dynamics are still rapidly evolving in India, rendering difficult an accurate assessment of its full macroeconomic effects," RBI said in its annual report. It said dynamic stochastic general equilibrium model built on New Keynesian …

Up to 204,691 extra deaths in the U.S. so far in this pandemic year
4 years, 4 months ago

Up to 204,691 extra deaths in the U.S. so far in this pandemic year

Salon  

The number of deaths in the United States through July 2020 is 8% to 12% higher than it would have been if the coronavirus pandemic had never happened. The Centers for Disease Control and Prevention also calculates an upper threshold for the estimated number of deaths — that helps determine when the observed number of deaths is unusually high compared …

US coronavirus: Dr. Fauci says rushing reopening could have devastating consequences
4 years, 4 months ago

US coronavirus: Dr. Fauci says rushing reopening could have devastating consequences

CNN  

CNN — The United States needs to get control of Covid-19 and carefully reopen the country, or the consequences could be devastating, Dr. Anthony Fauci said Thursday. “It is now obvious to everyone that Covid-19 is not going away over the next five months,” Kansas City Health Department Director Dr. Rex Archer said in a news release Thursday. “You can’t …

US coronavirus: Dr. Fauci says rushing reopening could have devastating consequences
4 years, 4 months ago

US coronavirus: Dr. Fauci says rushing reopening could have devastating consequences

CNN  

CNN — The United States needs to get control of Covid-19 and carefully reopen the country, or the consequences could be devastating, Dr. Anthony Fauci said Thursday. “It is now obvious to everyone that Covid-19 is not going away over the next five months,” Kansas City Health Department Director Dr. Rex Archer said in a news release Thursday. “You can’t …

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