The industries which range from the industry of airlines, car rentals and hotels and sports as well as concert events and schools going to the distance learning and almost any business which has the larger number of people in attendance or any of the situations where one person is sitting close to each other such as a restaurant and the movie theatre or an office may be thrown in a tailspin because of the coronavirus outbreak and impact the business of different industry segments.
While the consumer spending that is close to 70% of the economy of United States has been in a healthy state for one decade, it has grown just at a rate of 1.7% in the quarter of December. In case the consumers pull away from travelling or going to the restaurants and attending sports events which anyway have been shut down or postponed or from engaging in any kind with the normal economic activity because of the coronavirus, there may be a lot of impact on the world economy.
While the economy of United States is just relying on the trade for close to 13% of the GDP, the impact globally from the coronavirus is going to be rippling over to almost all the countries which would also consequently impact the United States.
With the decline in business investment every year for the last three quarters, the impact from the virus looks like it is going to be throwing the economy into recession.
The GDP of United States has been growing by the level of $95 billion to $99 billion every quarter. On the $19 trillion economy this led to the growth of GDP every year.
