It’s out in the obvious that the outbreak of Covid-19 has impacted so many businesses just like Agua Caliente Casino Waters Café. Come to think of it, if industries as big as gambling is massively impacted by this pandemic, then what more about the others? Though, if the respective governments of every country will react immediately, there would certainly be a swift and efficient recovery of economics.
Underlying Effect of the Virus
The public health sector is doing its very best to stop the spread of the virus. Else, it is en route to causing direct shock to everything in its path. Thus, a general, international consensus was established, calling the need for self-isolation and social distancing among individuals. This is until the testing was done or the contract tracing system was set in place.
If we’re going to look at it in a short-term basis, the consequences are so profound. However, the damage can be more serious in the long run – the government has to take action in implementing economic policy response.
As a matter of fact, there’s a forecasted high unemployment rate brought by the sudden shift in the economy. Believe it or not, the situation today is almost comparable to the Great Depression. On the other hand, according to the statement of chief US economists Seth Carpenter (non-verbatim), there’s going to be a sharp “V” pattern on the market after everything has settled in although the world’s recovery progress from recession would be staggered.
On his point-of-view, the peak of the virus and lockdown will pass by June. Thing is, the economy will not be entirely ready for it. The rate of unemployment will fall around 10 to 30 percent.
Stricter Implementation, Faster Loss of Employment
While that economic market trend is still yet to have a concrete foundation, what should be given more attention now is the accelerated volume of job loss in late March. This was when several cities have enforced business closures as well as social distancing. Thus, a big portion of the labor-market has seriously experienced the consequences of such action.
As of this writing, there are still obstacles that the government is in shallow waters trying to avoid failure in the economic reboot. Without a doubt, bringing online businesses back will be impossible without even a skeletal workforce. While this means more job opportunities, those who were laid off in March will face new challenges of reentering the market once again.