USC: Pandemic Could Cost U.S. Nearly $5 Trillion in GDP Over Two Years

BY CITY NEWS SERVICE

LOS ANGELES (CNS) – The COVID-19 pandemic could result in net losses from $3.2 trillion up to $4.8 trillion in gross domestic product (GDP) over the course of two years, according to a University of Southern California (USC) study released Nov. 30.

USC economists project that a best-case scenario for the United States hinges on whether initial mandatory closures and social distancing measures were sufficient to control the rise in COVID-19 cases. In a worst-case scenario, infections would ramp up considerably after businesses reopen, forcing another round of closures.

The study comes just as new restrictions—the strongest in months—go into effect in Los Angeles County and elsewhere as officials battle an unprecedented surge in cases of the CCP (Chinese Communist Party) virus, commonly known as the novel coronavirus.

The pandemic’s economic impact depends on factors such as the duration and extent of the business closures, the gradual reopening process, infection rates and fatalities, avoiding public places, and pent-up consumer demand, according to researchers with the USC Center for Risk and Economic Analysis of Terrorism Events.

Real GDP is a measure, adjusted for inflation, that reflects the value and the quantity of final goods and services produced by a nation’s economy in a given year.

Read the rest of the story on The Epoch Times


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