Coronavirus affected not only the human beings, their health and life but also the business area and the whole economy.
The pandemic still continues while practically all businesses around the world suffer from crisis and several direct and indirect issues. It leaded to a volatile economy where the global supply chains were disrupted. Lots of employees lost their jobs and filled for unemployment benefits in order to survive. The industries and the organizations which have suffered the most are the service, travel, entertainment, leisure and hospitality ones.
Due to the virus, all the restaurants and bars have been closed, even though some of them are still working for deliveries and take outs, but the demand obviously fell significantly and the resources are on the edge. All the shopping areas, department stores, hotels, spa resorts, and entertaining activities closed for an unknown period of time. For example Uber reports show that during the quarantine, the company lost $2.9 billions in the fires quarter of 2020 and about 14% of its workforce. Even if it’s for a small period of time, a business recovery can last much longer than expected due to all the losses.
A strong economy of a country usually consists of a stable amount of income out of tourists and the development of the traveling industry. While all the borders are closed for safety reasons, it’s clear that traveling is impossible as well as external income and economy growth. The only industries which have gained profits during Covid-19 are the pharmaceuticals, retail markets, online shopping platforms and entertainment online streaming platforms.
After a research, the following industries emerged stronger from the crisis then before the pandemic, for example- Netflix. Stay at home days could not have come at a better time for them. The company announced that it added 15.77 million paid international subscribers and expect to add 7.5 million global subscribers.
European countries begin to slowly exit the lockdowns but the main task now is to combine strong strategies of economy recoveries among the protection of human health.
Discover new projects in the Finhub newsletter
We'll send you recovery instruction on email
We sent verification link to your email
We have sent a new password to your email.
your comment has been sent and will be reviewed by the moderator
Your message has been sent!