• Latest News
  • Restaurant News
  • Hotel News
  • Catering News
  • Chef News
  • Pub & Bar News
  • Supplier News

Hospitality & Catering News

hospitality and catering news

Goldman Sachs Face Mask Report: Mandate could save US more than $1 Trillion

July 7, 2020

Goldman Sachs Face Masks – Report
Goldman Sachs Face Masks – Economic Impact Report

 

As countries around the world see second waves of Covid-19 lockdown emerge, Rishi Sunak, and UK hospitality business leaders will benefit from watching a new video, and reading a report we have reviewed by Goldman Sachs’ Chief Economist Jan Hatzius.

In the video Hatzius explores the link between face masks and coronavirus outcomes, and the economic value of a national face mask mandate in reducing the need for broad lockdowns.

The focus of the report looks at the impact of second wave lockdowns in the US particularly where the hospitality industry is now facing second lockdown periods as the contagion spreads.

The report is based on very substantial amounts of research and data, readers that want to examine the minutiae will find a link below.

The research has been conducted on two levels – cross state in the US comparing where face mask mandates have been imposed and where they have not. A significantly lower spread of Covid-19 is seen in the states where face mask mandates have been imposed, and increases where it was not.

The second part of the research was through applying the same comparisons internationally, seeing the same results. The consistency of the results were surprising said Hatzius who was not expecting to see such a clear pattern emerge.

Asia was cited as the best example of adopting widespread usage of face masks and seeing the greatest reduction of spread. In Europe Italy and Spain were praised for their adoption and saw similar reductions in the spread as a consequence.

When asked to forecast the impact on reducing transmission of Covid-19 in the US Hatzius says a mandate to wear face masks would reduce transmission from 1.6% to 0.6%. He advocates the states that currently do not have face mask mandates, that are also the states with highest transmission rates, adopt a face mask mandate.

The financial implications are staggering. Hatzius states clearly that the research, like all projections based on statistical information are always prone to a margin of error. But he estimates that if the US imposed a face mask mandate, the impact economically through reducing second lockdowns is equivalent to saving the US 5% of GDP.

So, we looked up the US GDP figure for 2019 and it was $21.43 Trillion, and double checking exactly what a trillion in dollar terms equates to in full number format it is $1,000,000,000,000.

The saving forecast by Goldman Sachs’ Chief Economist Jan Hatzius of 5% of US GDP equals $1,075,000,000,000 in full numbers.

We hope that Rishi Sunak has seen the video and shared it with his cabinet colleagues.

While second waves and second lockdowns in the UK have been limited so far, Leicester shows what the impact can be from second waves.

The video can be seen here – and the full report findings and data analysis can be seen here. We recommend both as essential viewing for all in the hospitality business.

If your hospitality business is searching for face masks that have been rigorously and independently tested, look professional and save money, here’s a company that has been working with five star hotels for more than 26 years, or you can request further information by simply completing the form below.

    Name

    Company

    Email

    Phone

    Message

     

    face Masks for Pubs

    Goldman Sachs Face Masks – 7 July 2020 – Goldman Sachs Face Masks

    Email Newsletter

    Subscribe to our email newsletter and keep a close eye on the UK hospitality and catering business

    H&C Email Newsletter

    Keep a close eye on business across hospitality and catering 

    Social Media

    • Facebook
    • Twitter

    Search for hospitality and catering business news

    The Clink’s new security guard

    Safe Hospitality From Meiko UK

    Supplier News

    A to-do list when the kitchen is closed

    Adam Handling Restaurant Group installs UV protection for safe reopening

    Hospitality logistics firm enables Covid-19 Educational Support Programme

    Five minutes with… SIMPLY SIG

    Plant-based food to increase profits for caterers in 2021

    Sustainable disposal of surplus hospitality assets

    Meiko’s new Connect APP

    Christie’s London finest and rarest wines and spirits auction results

    Hospitality supply chains hoping for eleventh hour Brexit deal

    Conker gets in the Non-Alcoholic Spirit 

    Tweets by HandCNews

    Contact H&C News

    Contact H&C News

    Advertising with H&C News

    Advertising with H&C News

    News Categories

    • Latest News
    • Restaurant News
    • Hotel News
    • Catering News
    • Chef News
    • Pub & Bar News
    • Supplier News
    Home | Privacy | Sitemap

    Copyright © · Hospitality & Catering News