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1 1 (February 28, 2020)

handle is hein.crs/govcaox0001 and id is 1 raw text is: Researh Sevice COVID-19: Federal Economic Development Tools and Potential Responses February 28, 2020 The current coronavirus disease (COVID-19) outbreak has led to tens of thousands of cases and thousands of deaths worldwide. In addition to the disease's mortality and public health effects, it may have potentially significant economic implications, including productivity losses, supply chain disruptions, labor dislocation, and potential financial pressure on businesses and households. Relatively few federal programs are available to provide timely economic relief to affected businesses. This Insight considers the outbreak's economic development implications and policy considerations for Members of Congress who have shown interest in addressing the economic dimensions of this public health issue. COVID-19 Economic Development Implications COVID-19 is a newly designated disease caused by a previously undetected coronavirus. Most cases have been reported in China, with additional cases on every inhabited continent. Clusters of illness have occurred in South Korea, Japan, Singapore, Italy, and Iran. For more information on the health and epidemiological aspects of COVID-19, see CRS products R46219 and IFl 1421. The COVID- 19 outbreak is foremost a public health issue. However, the epidemic itself and containment measures in China and elsewhere could have significant economic implications for the United States and globally. In the short-term, the COVID-19 outbreak is primarily a threat to businesses dependent on supply chains in China, or for exports there. However, many economists have warned that a more prolonged crisis may see broader economic disruptions if workplaces and schools are closed to contain the outbreak, and medical and food supplies dwindle due to disrupted supply and increased demand. In China, mass containment measures have disrupted global supply chains and capital markets. In the near term, the outbreak's effects on the U.S. economy could be limited to localized disruptions for businesses and workers-particularly in communities dependent on technology manufacturing and tourism. In certain cases, supply chain issues may stall production, prevent companies from fulfilling orders, and potentially impact firm revenues. In a prolonged or wider epidemic, supply chain issues may further compound. Growth could slow further, and affected companies may be forced to furlough or lay off workers, and others may slow hiring. As demonstrated in China and elsewhere, social distancing measures can effectively stop local economic Congressional Research Service https://crsreports.congress.gov IN11228 CRS NS GHT Prpred For Meumbers and Comrm ttees of Conress ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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