Impact of COVID-19 on the US Economy Size, Industry Share, Growth & Forecast To 2019-2025

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 .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 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.

Verticals Affected Most

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

Company Profiles

Alphabet Inc.
Amazon.com, Inc.
Apple Inc.
AT&T Inc.
Comcast Corp.
Chevron Corp.
Dell Inc.
ExxonMobil Corp.
Ford Motor Co.
General Electric Co.
General Motors Co.
The Kroger Co.
IBM Corp.
The Phillips 66
McDonald's Corp.
Microsoft Corp.
Nike, Inc.

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