Impact of COVID-19 on the US Economy Market Size, Share & Forecast to 2025

The US is a developed economy with nearly 24% of the global GDP in 2018. The country is one of the major markets and manufacturers of pharmaceutical, automobile, aviation, consumer electronics, tourism and so on. The US is the major economy with remarkable industrial output. The manufacturing sector is the major contributor to the growth of the US economy. As per the National Association of Manufacturers (NAM), the manufacturing sector accounted for 11.3% of real GDP in the 2019 first quarter. In the first quarter of 2019, the manufacturers in the US produced nearly $2.4 trillion worth of goods for the economy. Real GDP increased at an annual rate of 2.1% in the fourth quarter of 2019 (US Bureau of Economic Analysis).

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The US has a major role in global trade activities, as it is the global leader in the commercial services coupled with the presence of major IT companies, including IBM Corp., Microsoft Corp., and Oracle Corp., in the region. In addition, there are several major global players in different segments operating in the country, such as Ford Motor Co. (Automobile), the Boeing Co. (Aviation), and Walmart Inc. (Retail).

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However, due to the coronavirus epidemic, the US economy is facing concerns regarding industrial production. As per the data published by the United Nations Conference on Trade and Development (UNCTAD) on 4th March 2020, the outbreak of COVID-19 could lead to a decrease of $50 billion in exports across global value chains. In February 2020, China's manufacturing Purchasing Manager's Index (PMI) decreased by nearly 22 points to 37.5, which is the lowest since 2004.

In the US, the spread of COVID-19 has been financially impacting the manufacturers of the country. For instance, as per the National Association of Manufacturers (NAM) survey conducted from February 28 to March 9, 2020, around 80.0% of respondents accept that the COVID-19 will create a negative financial impact on their businesses and around 35.0% are already facing disruption in a supply chain process. The financial losses to the US manufacturers will, in turn, affect the production capacity and foreign trade operations.

The study on the impact of COVID-19 on the industry is classified into automobile, energy, food & beverage, electrical and electronics, aviation, healthcare, retail & e-commerce, travel & tourism, and others. The automobile industry is being significantly affected with the coronavirus epidemic, as major US automobile companies have shut down their manufacturing operations across certain countries, in support of workers' safety. For instance, General Motors, Ford and Fiat Chrysler have declared to shut down their plants in North America. As a result, it is affecting the automobile production in the US.

Key companies operating in the US whose business operations are significantly affected due to COVID-19 include Amazon.Com Inc., Ford Motor Co., Hyatt Hotels Corp., and the Boeing Co.

Verticals Affected Most
Automobile
Energy
Food & Beverage
Electrical and Electronics
Aviation
Healthcare
Retail & E-commerce
Travel and Tourism
Others

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