Here Were 2020’s Biggest Economic Challenges

Here Were 2020s Biggest Economic Challenges

(NewsReady.com) – Every year brings its own set of unique challenges and opportunities – but for American businesses, 2020 has been in a class of its own. What have the toughest challenges been this year?

It’s no surprise that the COVID-19 pandemic has been the cause of most business difficulties, but the virus doesn’t just bring a single challenge with it – there are several. The most obvious is that it’s slowed down spending across the board. With so many people not working and many others reluctant to spend in case they lose their jobs, most businesses have seen demand fall off sharply.

Many other businesses have been badly hurt by lockdown policies, especially in Democrat-run jurisdictions. Bars, restaurants, and gyms alike have been forced to close or change their business models to meet rules imposed on them. International travel bans have also hit the tourism sector hard.

The pandemic has forced many people to change the way they live and work. For example, it’s likely that even when the disease subsides, a lot more people will be working from home. That’s bad news for coffee shops and restaurants in business districts – a big chunk of their customer base has just evaporated for good.

Finally, coronavirus isn’t the only challenge businesses have faced this year. Many city retailers have been looted or forced to close by far-left unrest provoked by BLM and Antifa. That’s been devastating for small businesses, the backbone of the US economy.

Hopefully, 2021 will have some more opportunities for our economy, and not quite so many challenges.

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