Impact of COVID-19 on the GDP of the United States
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Feier Sun
CoPIs:
Caiye Zhang, Caiye Zhang, Pingyu Zhou, Ruoxin Wang
College:
College of Business and Public Management
Major:
Finance
Faculty Research Advisor(s):
Chen Meng
Abstract:
This article explores the impact of COVID-19 on U.S. GDP. We collected U.S. GDP data from 2015 to 2022 and analyzed it in terms of income, investment, government spending, and net exports. As the COVID-19 pandemic rages around the world, thousands of businesses have been forced to close and millions of Americans have lost their jobs. As a result, GDP plummeted in the second quarter of 2020 and the economy came to a standstill. At the same time, the government has adopted a series of economic stimulus measures to alleviate the impact of the epidemic on the economy. However, these measures also created fiscal deficit and debt problems. This study quantifies the actual impact of the epidemic on U.S. GDP through data analysis and model evaluation, and explores the prospects for future economic recovery. This study provides a comprehensive analysis for understanding the impact of COVID-19 on the U.S. economy.