The Financial Impact of COVID-19 on Our Practice

Abstract

The coronavirus pandemic (COVID-19) has ushered in unprecedented times. It might be what economists call a “black swan”—an unusual and unforeseeable event with dire consequences. A pandemic often results in global and US recessions, and that is now happening during the first quarter of 2020. This pandemic will have an impact on every aspect of our global economy. Some analysts have predicted that owing to the measures enacted to stop the spread of this pandemic, such as largescale quarantines, travel restrictions, and social-distancing measures, will result in a sharp decrease in consumer and business spending until the end of 2020.