The Economic Growth and COVID-19 in the European Union Members and the United States
Keywords:business, economics, COVID-19, European Union, United States, economic impact, health policy, economic growth
COVID 19 became a global epidemic with new uncertainties and significant consequences. The highest number of cases was observed in the United States, followed by Europe and Southeast Asia. Many sectors downsized or were otherwise hit hard by the pandemic. Governments focused on fighting the disease and mitigating its effects on their economies and health systems. This study examined how countries in the European region and the U.S. were prepared to cope with COVID-19 and its effects on their economies and health systems. After comparing economic growth, the Global Health Security Index, Stringency Index, and health inputs of these countries, it was found that many European nations and the U.S. were not fully prepared for global epidemics. The study results also show that the sharpest contraction in the national economies occurred in the second quarter of 2020.