The University of Arizona has launched a new webinar series aimed at analyzing the ways COVID-19 has impacted the university, the state, and the entire world, and what our post-pandemic future might look like.
In the first installment of the series, professors from the Eller College of Management discussed the varying impacts on the local and national economy and highlighted how some industries are affected differently than others.
By April, more than 20 million jobs were lost nationwide due to the COVID-19 pandemic. At that time, more than 400,000 Arizonans were filing for unemployment benefits.
George Hammond, director of the Economic and Business Research Center at Eller, said Arizona unemployment numbers tend to reflect the national average. But restaurants, travel, tourism, retail stores, salons, and childcare services are the ones who are majorly affected by the pandemic.
“The rest of the economy is going to feel the ripple effects as those shocks spread through the economy,” Hammond said. “So we’ve experienced a big hit. The big question now is what will the recovery be like?”
He explained that economists have drawn up a variety of predictions for the recovery from COVID-19. The most optimistic follow a “V” shaped curve, where businesses are able to bounce back as quickly as they fell. The most pessimistic follows a “W” shaped curve, where economic impacts are felt well into the future, and recovery is shaky.
Hammond predicts a “U” shaped recovery for Arizona.
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