College of Business faculty speak on economic impact of Coronavirus
Written by Bailey Smith, Communications Intern
College of Business Economic Chair and Assistant Professor speak on economic impact of Coronavirus
Not only has the Coronavirus caused disruption in daily lives in China and around the world, it has also been very damaging to China’s economy. This has real potential to impact the United States’ economy as well. Dr. Peter VanderHart, chair of the Economics Department, and Dr. Ren Zhang, assistant economics professor, explained the economic impact on Channel 24 News Toledo.
Dr. VanderHart predicts layoffs in some factories here due to companies in China running out of parts and raw materials. During this public health crisis, China has been holding onto products, along with shutting down factories. This could lead to local shelf shortages. Dr. Zhang has family currently living in China and describes how small businesses in China are affected. It will be difficult for the small businesses to bounce back because of the hard hit they are currently taking.