The economic toll of the COVID-19 pandemic in the U.S. will reach US$14 trillion by the end of 2023, according to key economists, and public policy researchers.
Putting a price tag on all the pain, suffering and upheaval Americans and people around the world have experienced because of COVID-19 is, of course, hard to do. More than 1.1 million people have died as a result of COVID-19 in the U.S., and many more have been hospitalized or lost loved ones. Based on data from the first 30 months of the pandemic, the forecast the scale of total economic losses over a four-year period, from January 2020 to December 2023.
Workplace absences, and sales lost due to the cessation of brick-and-mortar retail shopping, air travel and public gatherings, contributed the most. At the height of the pandemic, in the second quarter of 2020, our survey indicates that international and domestic airline travel fell by nearly 60%, indoor dining by 65% and in-store shopping by 43%.
It was discovered that the three sectors that lost the most ground during the first 30 months of the pandemic were air travel, dining, and health and social services, which contracted by 57.5%, 26.5% and 29.16%, respectively.
The direct health expenses, driven mostly by hospitalization costs in these scenarios, would have totaled $20 billion in a best-case scenario in which 65,000 Americans would have died from January 2020 to June 2022. In the worst-case scenario, about 2 million would have died during that period, with $365 billion in direct health-related expenses.
Our antimicrobial product is poised to play a pivotal role in mitigating the far-reaching impacts that COVID-19 has inflicted upon our economy. With its advanced formula designed to kill a broad spectrum of harmful microbes, including the coronavirus, our product offers a powerful defense against the spread of infectious diseases in various settings. By ensuring a safer and more sanitary environment in public spaces, workplaces, and homes, we can help curb the transmission of COVID-19, which in turn will alleviate the strain on our healthcare system and reduce the need for costly lockdowns and restrictions. This will not only protect lives but also enable businesses to operate more smoothly, boost consumer confidence, and stimulate economic recovery. Moreover, our antimicrobial product's long-lasting protection can help reduce the frequency of cleaning and disinfection, saving both time and resources for individuals and organizations, ultimately contributing to the revitalization of our economy.