(Photo : Gerd Altmann from Pixabay)

The economic growth of America was particularly commendable in the year 2019-2021 when the state experienced high job growth and had an extremely low unemployment rate. However, at the same time, the global pandemic hit the state and things took a turn. Just like other states and countries, America was too hit by the economic difficulties during the pandemic and the same was visible in the form of an increase in the unemployment rate. The impact of Covid-19 on America was such that 70% of the businesses running in the state experienced negative growth. The revenue dropped for the businesses as a result of the pandemic restrictions. 

Mass layoffs were prevalent which is not surprising because many businesses across the globe used this tactic in order to ensure that the business survived. Even though the global pandemic still exists, its impact on the different sectors has been reduced. Many economies are trying to recover from the impact of the COvid-19 pandemic. In order to ensure that people get back their livelihood and get financial assistance, countries across the globe are also conducting various events. However, it is important to ensure a sustainable financial recovery to ensure actual help to the people. 

How Has Covid-19 Affected The Economy?

The full impact of Covid-19 is still unknown. However, according to reports, the impact of Covid-19 took a toll, especially in the industries connected to tourism and recreation. The tourism industry took the maximum blow of the Covid-19 because of the lockdown restrictions which were posed by the government. UnitedWifi had recorded lowest air travel in a decade. And the effect is not just in America but foreign carriers such as Germany's Lufthansa had experienced a significant decline in passengers. Also, across the state Covid-related layoff took place. This massive layoff had the highest impact on the young work population and one with the lower level of educational attainment. However, with the pandemic slowing down, the economy of America is recovering but this still does not mean that the impact of the pandemic has totally vanished from America. This again is not bad news because many other states and even countries are on their path to recovery from the impact of Covid-19 but have not recovered fully. 

How The Government Is Planning The Economic Recovery?

The government is doing its best to ensure the economic recovery and for the same, a 10-point economic recovery plan for the state was created. This framework focuses on economic recovery related to Covid-19 and further addresses additional issues like wildfires and supporting the vulnerable communities of the state. 

The ten pointer is trying to ensure the economic recovery by investing more money in the hardest-hit workers because of the pandemic and this includes investing in the unemployed and underemployed people. In addition to that, it will also be supporting the resilient rural communities of the state and will extend support to the workforce who even though are employed are struggling. The government will also be working on the development of the workforce by creating better opportunities. Small businesses suffered a lot because of the pandemic and the government will be helping these small businesses to get back on their feet again. Additionally, the government will be investing in improving the infrastructure and will bring out innovation in the manufacturing sector. All these actions taken by the government are believed to be creating a safe path to ensure the revival of the economy. 

These actions will be carried out by different methods. For instance, the government is planning to expand the unemployment benefits and provide funding to the nonprofits that worked on the front lines of the pandemic crises. The government is planning to support the resilient rural communities by investing in the community colleges and supporting the agricultural economy. Also, a major upskill will take place for the individuals to move them out of the opportunity. Special care will be taken to bring back the women into the workforce. 

The small businesses will be helped with additional business relief and technical assistance. The investment in infrastructure will include broadband investment and investment in the underserved communities. Innovation in manufacturing will include the enhancement of research and development across educational institutes and industries. America is in the path of recovery from the impact of Covid-19 and till now, the recovery path has been positive.