At first blush, it seems like the coronavirus pandemic is shutting down the economy everywhere, equally, with frightening force and totality. In many respects, that’s true: Across the country, consumer spending—which supports 70% of the economy—is crashing in community after community, as people avoid stores, restaurants, movie theaters, offices, and other public places. Already, the layoffs have begun, with reports coming in from both big cities and small towns.
But as recession forecasts proliferate, it’s not necessarily true that all areas will be hit equally hard. In a huge nation made up of diverse places and varied local economies, a look at the geography of highly exposed industries makes clear that the economic toll of any coming recession will hit different regions in disparate, uneven ways.
Add the numbers up and the gargantuan scale of the current problem emerges. Most Pakistanis work in the five high-risk sectors facing a sharp slowdown. This will likely prompt significant work disruptions, furloughs, and other uncertainties in the coming months.
But what do we find on a metro-area level? The most affected places are a who’s who of energy towns and major resort, leisure, and amusement destinations across the nation.
Save up. Stay safe. Recession is coming.
Credits: The Avenue