Receive our newsletter – data, insights and analysis delivered to you
  1. Uncategorized
  2. c-icon icon-chevron-right
October 30, 2020

Economic scars caused by Covid will be slow to heal

By Paul Dennis

30 October

Konstantina Beleli, an economist, shared an article on the US economy posting record growth in the third quarter, a direct result of the injection of $3 trillion as part of the pandemic relief package that drove consumer spending.

However, experts believe that the health and economic damages caused by the Covid-19 crisis could take over a year for the country to recover.

The gross domestic product (GDP) surged at 7.4% on a year-on-year basis in the third quarter, after having dipped to a low of 9.0% from April to June this year.

The government’s relief package has helped boost consumer spending which alone contributed 76.3% to the spike in GDP.

The Commerce Department, however, stated that the 33.1% annualised growth rate was not enough to ease the human tragedy caused by the global pandemic, with thousands of US citizens still unemployed and more dead.

Content from our partners
Why this global life sciences COO believes relocation to Charleston, SC, was key to achieving next-level success
Patient-centric pharma logistics: How CRYOPDP delivers hope worldwide
Why Asia-Pacific is the next frontier for decentralized clinical trials

Depleting funds and uncertainties around a second round of rescue, a swell in cases and restrictions on businesses, are indicative of a slow recovery from the pandemic.

Meanwhile, Adam Tooze, a historian and professor, re-tweeted on the US economy having to grow at 4.5% annually starting from the fourth quarter of 2020 to return to normalcy by the end of 2022.

Read more

Related Companies

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. Key drug pipeline and competitive landscape changes based on the latest clinical activity, sent every Tuesday. Curated analysis and data-driven insights on clinical trials strategy and operations, sent every Thursday. The pharmaceutical industry's most comprehensive news and information delivered every month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU