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The National Restaurant Association estimated probable job losses to be five to seven million. [3] Industry experts on March 18 forecast that $225 billion in direct losses and a full economic impact of $675 billion because of additional revenues generated elsewhere in the economy when customers patronize restaurants. [30]
The Lunar New Year as of 2020 was considered China's single most important economic event, with 2019 spending of US$150 billion. [24] The service sector in 2020 represented 52% of China's economy. [24] By 24 March, Starbucks had reopened 95% of the 2000 restaurants that had closed, including some in Wuhan.
An economic impact analysis is commonly developed in conjunction with proposed legislation or regulatory changes, in order to fully understand the impact of government action on the economy. The United States Department of Energy economic impact model is one example of this type of application. [16]
Services constitute over 50% of GDP in low income countries and as their economies continue to develop, the importance of services in the economy continues to grow. [2] The service economy is also key to growth, for instance it accounted for 47% of economic growth in sub-Saharan Africa over the period 2000–2005 (industry contributed 37% and agriculture 16% in the same period). [2]
Other categories which also include some tourism jobs include Arts and Entertainment (792 jobs), Accommodation & Food (6,541 jobs), Accommodation (3755 jobs), Food Services & Drink (2,766 jobs). When those are totaled, it is clear that a large percentage of the 37,613 non-farm workers are employed in dealing with tourists; of course, serving ...
The economic impact of the COVID-19 pandemic in the United States has been widely disruptive, adversely affecting travel, financial markets, employment, shipping, and other industries. The impacts can be attributed not just to government intervention to contain the virus (including at the Federal and State level), but also to consumer and ...
As economic restructuring encourages high-technology service and knowledge-based economies, massive public de-investment results. Across many parts of the U.S. and the industrialized Western nations, steep declines in public outlays occur in housing, schools, social welfare, education, job training, job creation, child care, recreation, and ...
The food system, including food service and food retailing supplied $1.24 trillion worth of food in 2010 in the US, $594 billion of which was supplied by food service facilities, defined by the USDA as any place which prepares food for immediate consumption on site, including locations that are not primarily engaged in dispensing meals such as recreational facilities and retail stores. [2]