US Economy Loses $12 Trillion to COVID Lockdowns, Mandatory Business Closures Cited as Top Reason

US Economy Loses $12 Trillion to COVID Lockdowns, Mandatory Business Closures Cited as Top Reason
A man walks past a retail store that is going out of business due to the coronavirus pandemic in Winnetka, Ill., on June 23, 2020. Nam Y. Huh/AP Photo
Naveen Athrappully
Updated:
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U.S. GDP fell during the pandemic due to COVID-19 lockdowns and resulted in trillions of dollars in losses in these past years, a consequence mainly driven by mandatory business closure policies, according to a study by researchers from the University of Southern California (USC).

By the end of 2022, the pandemic had cut $12.2 trillion from U.S. GDP, the study published in Economic Modelling journal estimates. Researchers expect total losses to hit $14 trillion by the end of 2023. The study blamed involuntary business closures as the “leading cause” for the massive decline in America’s GDP during this period.
Naveen Athrappully
Naveen Athrappully
Author
Naveen Athrappully is a news reporter covering business and world events at The Epoch Times.
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