Cities that Will be Hardest Hit by the Corona Recession

May 14, 2020

392

COVID-19 has shaken the world’s economy. Governments and private organizations are struggling hard to prevent them and society from this pandemic. Due to lock-down, several small businesses have been shut down and there are cities that will be hit the hardest by the Corona Recession

Economic Impacts

Until it returns to its normal situation, it is too hard to imagine the scope of the economic impacts of the Coronavirus. In the present state, every country is affected by the pandemic. Considering the future scenario, a lot will be destroyed, whether economically or physically.

Many industries around the world are on the verge of layoffs and shutdowns. This is due to the disruption in the decline in the demands of the products. Brooking institutions, a non-profit policy organization, identified some dire analysis based on Moody’s Analytics. It identified the industry groups more into risks. Such valuable sectors are mining/oil and gas, transportation, employment services, leisure, hospitality, and even travel arrangements.

Five Highest Risk Sectors in the World Economy

More than 24.2 million Americans are employed in these five highest risk sectors. However from a geographic standpoint, the most affected place will be the cities that completely rely on the energy industry.

Along with the resorts, leisure, and especial amusement destinations, the suffering is endless around the world. Among the largest cities, the list includes Las Vegas, Orlando, New Orleans (the city having a high rise in COVID–19 cases), Oklahoma City, and Honolulu.

The safe cities economically are mostly the tech-oriented university towns such as Utah, Durham-Chapel Hill, N.C., Hartford, Albany, and San Jose. Brookings market the metros areas with the highest amount of risk inherited places. These areas include the highest risk industry as the share of the economy.

The figures revealed several ranking or analyzing agency is not completely true. There is an estimate, which reminds of the losses that the people of the nation will suffer. However, with endless problems, the consequences will be long-lasting.