2020’s Greatest Economic Challenges and Opportunities

2020’s Greatest Economic Challenges and Opportunities

(RightWing.org) – Every year brings its own economic challenges and opportunities. Financial crisis, technological innovation, trade war – they all affect the economy. Some businesses will suffer, others will gain. There haven’t been many years like 2020, though; how has the economy coped?

Well, it’s been a tough year, and the biggest challenge for everyone has been the coronavirus pandemic. With millions unemployed and everyone else worried about their own jobs, consumer spending has fallen steeply. Lockdowns and restrictions have made it worse; bars, restaurants and many stores have been ordered to close, so they’ve made no money at all.

It hasn’t all been bad news, though. With so many places closed, online retailers have had their best year ever. From online grocery deliveries to Netflix, if you can sell it on the internet, people have been buying it.

Finally, many businesses were forced to switch to working remotely in a big way – and a lot of them have decided they like it. They can save on expensive office space and utilities. When the economic recovery picks up in 2021, many American businesses will be leaner, tougher and able to come back stronger than ever.

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