HOW COVID-19 HAS IMPACTED BUSINESSES AROUND THE WORLD?
After the outbreak of Coronavirus, all the businesses suffered very much due to this. Whether it is manufacturing business, transport business, marketing business, every business has suffered severely due to this pandemic and occurred much loss in their business.
Companies and businesses are hit by the rapid spread of corona and the revenue of this businesses falled more than 50% and some companies revenue was even NIL because in majority of the countries like India there was total strict lockdown for almost 2 months so there were no economic activities taking place during these times which affected the businesses severely.
It is estimated that due to Coronavirus impact the world economy has suffered a loss around 1 Trillion dollars, and that’s a huge number which have not occurred in past anytime. In UAE, India and all around the world the effect of Coronavirus is not limited to few sectors but it has affected almost all the sectors of the economy.
According to a report, between 10th January and 16th March, the 6 major stock exchanges around the world witnessed a decline of average 26%.
Coronavirus pandemic has not affected only selected industries but almost all industries however the magnitude of impact may vary from sector to sector. But there are 5 sectors/industries that have been most affected due to this pandemic all around the world.
These 5 sectors are: Aviation industry, retail sector, financial sector, realty sector, and automobile industry. These sectors are suffering most severely due to this pandemic.
After these sectors, small businesses and startups are the most hit due to this pandemic and according to a report due to Coronavirus pandemic and lockdown around 50% to 70% startups are closed in this period. And, the owners of small businesses are also very much affected due to this pandemic and many are facing difficulties to meet their ends.
The COVID 19 pandemic has hampered the economy all around the world as a result of which major industry leaders also have lowered their forecasted revenue for the upcoming quarters. However, the governments of all the countries are taking steps to curb the economic effects caused by the Coronavirus by taking various economic steps and announcing economic packages to help the businesses. And also all countries are now opening up and economic activities are also coming back on track slowly so it is hopeful that the world economy will be back to the track not immediately but slowly it will be surely back to the normal.