Kratom Effect On Economy Post COVID19
The outbreak of COVID-19 has shrunk the global economy by over 3 percent in the year 2020. It is considered to be the steepest slowdown since the Great Depression of the 1930s.
Most of the countries have resorted to the lockdown strategy to cut the chain of the coronavirus. These large-scale lockdowns meant confining millions of citizens to their homes, shutting down businesses, and ceasing almost all economic activity. In the US, the impact of COVID-19 is disastrous. Due to the COVID-19 disruptions, millions of people have filed for unemployment benefits. Moreover, the people filing for unemployment benefits are almost a quarter of the working-age population. In such situations, do you think, Kratom will also have an impact on the economy? Will the demand for Kratom increase or decrease? Kratom consumption will help develop the US economy?
Kratom, as you might know, is a herbal plant that has numerous benefits and people are using it to get relief from their chronic pain and to overcome the withdrawal symptoms. But the US Food And Drug Administration has not provided any clear instruction on the consumption of Kratom. Although the small dosage of Kratom can exhibit a stimulating effect that helps in reducing stress, anxiety, and depression, the heavy doses have lethal effects on the body. But is the FDA actually concerned about the potential downsides to doing away with Kratom? It would appear that they are not. The public demand for Kratom has the potential to single-handedly change the economy in the US.
How can Kratom be supported in developing the economy?
As the public demand for Kratom is increasing, it allows local vendors or kratom suppliers to contribute to the country’s economy.
Moreover, the newly affluent residents are building add-ons to their houses to accommodate the harvested plants. With this, there would be more and more kratom suppliers all year round. Kratom consumption and harvest will flourish the economy of the country. In a recent study, it was stated that due to the rise in the kratom popularity the US has opened the gates for at least 60,000 kratom-related businesses occupying the region. Most of the local entrepreneurs have already found the source of income for themselves.
By putting regulation on the growth and consumption of Kratom, these flourishing and small businesses will no longer survive and again there would be an economic crunch. So Kratom is playing a vital role in driving the economy and will do so even post COVID-19. After the COVID-19, the need for employment will increase where the Kratom would be helpful. Most of the individuals may find themselves getting a job and earn a living out of it.
What Statistics Say About The Kratom Effect On The Economy?
As per the latest reports, there are approximately 10,000 kratom vendors in the United States as of 2019 with annual revenue of $1 billion. Think about that. One billion of anything is a lot, but who’s to say how much that number could grow if kratom remains unregulated? This number is expected to rise and provide employment by the end of the year 2020 (post-COVID-19).
The benefits posed by Kratom can be exploited by the pharmaceutical industries to develop medicines that help people to get relief from chronic pain and other issues. Kratom also shows a way to drive the country’s economy through pharmaceutical companies.
Kratom And Its Economic Benefits
The government must look at all the positive aspects of Kratom and how it would be helpful in driving the economy. It would contribute a lot in increasing the economic growth, help small business to flourish, and also support other industries.
Kratom is a natural substance, not a synthetic compound. Kratom has been used for hundreds of years by natives of Southeast Asia to treat chronic pain, insomnia, and more. Regardless of the FDA’s claim that there is inconclusive evidence to support its purported health benefits, the notion that it could drive the US economy is something far more debatable.
In simple words, the US kratom industry is a billion-dollar industry and that is the money that can go back into the US economy. Most people in the kratom community are eco-friendly, health-conscious philanthropists who believe in sharing the wealth and making the world a better place.
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