Payments Snapshot in US - Coronavirus (COVID-19) Sector Impact
The Coronavirus (SARS-CoV-2) outbreak, dubbed COVID-19, is first and foremost a human tragedy affecting millions of people globally. The contagious Coronavirus, which broke out at the close of 2019, has led to a medical emergency across the world, with the World Health Organization officially declaring it a pandemic on March 11, 2020.
Fears surrounding the impact of COVID-19 have already significantly impacted the global economy, with key markets across the world losing 20-50% of their value for the year to date. Many economists and institutions have cut their forecasts, with consensus global GDP growth currently at 2.6% for 2020 and experts predicting the onset of recessionary environments.
The US’ GDP is anticipated to decline in 2020 due to the economic disruption caused by the outbreak of this virus. The US has been the worst hit country so far with over two million confirmed cases reported, while the death toll has risen to 116,962 - much higher than any other nation in the world. While the government is easing restrictions, the surge in daily active case numbers is a worrisome factor with the country seeing a resurgence in new cases across several states, which remains a key challenge ahead.
This report focuses on the impact of the coronavirus outbreak on both the economyand the cards and payments industry in the US. Based on our proprietary datasets, the snapshotprovides a detailed comparison between pre-COVID-19 forecasts andrevised forecasts of total payment card, debit card, and credit and charge card transactions by value and volume. It also offers information on measures taken by the government to combat coronavirus.
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