Corona Effect: The US Could Potentially Lose 14 Million Jobs

Coronavirus scare literally sent the world indoors. There is no cure or vaccine till now and as of now, there is nothing much the Governments across the globe can do except waiting for the divine intervention. The very thought of the economy is sending shudders down the spine.

The Economic Policy Institute predicts that at least Fourteen Million jobs are likely to be lost only in the United States. That’s more than 10% of all the private retail jobs in the United States. States like Nevada, Montana, and Hawaii will be the biggest losers in terms of jobs.

The Highest Percentage of the workforce in these states belongs to the hospitality, leisure, and retail sectors and so, they will stand to lose most. The report also estimates that there should be a stimulus of at least $2.1 trillion to keep the economic condition of the country in decent shape.

Even after that, there will be a massive problem of unemployment across the country. If this is the case with the United States, things will be even worse for the rest of the countries including India. Estimates are that the Lockdown will alone cost a whopping Nine Lakh Crore to India.