What is the road to recovery?
The coronavirus outbreak, which was originated in China, has affected over 17.6 million people worldwide. The countries have tried the (the is not required)measures like placing quarantine, social distancing, personal hygiene measures, etc to avoid the spread of this virus.
Here, in this article, we will look into what challenges business leaders are facing in the current scenario, what is the probable future, and what are the implications for different industries and sectors. Some of the impacted industries are discussed as follows:
Impact on Travel and Tourism Industry
Travel and tourism, the one responsible for 10% of the world’s GDP and jobs are on a brink of collapse.
- Boundaries have been closed.
- Both national and international flights are grounded.
- Insurance companies have been suspending travel cover for new customers.
- Cruises like Costa Magica etc have been moored off.
- Tourism destinations are avoided by people to prevent contagion’s spread.
Impact on Media and Entertainment Industry
- Disney and Universal Studios have planned to shut down several theme parks as large gatherings may trigger the spread of coronavirus.
- Movie theatres are temporarily locked down in parts of India, amidst the outbreak.
- Various Hollywood and Bollywood movies have already witnessed stagnation at the box office.
However, during the period of quarantine, there is an increased use of alternative entertainment services like Netflix, video games, etc.
Impact on Transportation Industry
It is one of the most vital sectors of the modern globalized and interconnected world. Since the outbreak, most of the countries have shut down their borders and limited transportation and travel to limit the virus’s spread across the world.
As the consequence of the coronavirus outbreak, important supply chains in the logistics and transportation industry are hampered, finding alternative routes has also become nearly an impossible task.
Impact on the Real Estate Industry
Another industry that has been clobbered by coronavirus is Real Estate. The increasing quarantines, curfews, and employee layoffs have been interrupting the supplies and affecting the consumer spending level across different segments.
The industry of real estate management is a growing delay of escrows/listings, loans, and appraisals due to the increasing numbers of sick people. This, as a whole, is expected to push the economy towards recession.
Impact on the Education Industry
As per UNESCO, various schools have been shut down in 22 countries which have disrupted the future of the(the is not required) students all over the world.
Despite this, many schools all over the world have invested their efforts in building and using online learning and broadcasting platforms for studying remotely.
This is a great initiative by the various institutions to promote the concept of digital learning.
What do investors say about the coronavirus impact on different industries?
This uncertainty has made investors look for short term and long term profit/goals for the public as well as the government.
Investors are now paying attention to diversification and rebalancing, stress upon quality growth at economical prices, and incline towards defensive large-cap stocks. Implying, the consequence of the economic slowdown depends on the type of investors business leaders come across to brig various businesses back on track.
How does coronavirus affect the economy?
A simple look at the stock market will tell you that the coronavirus has led to a volatile economy, but there numerous other factors that play. The initial outbreak of the coronavirus in China disrupted the global chain supply.
Many people, worldwide, are suffering from the unemployment crisis. Even when the short term affects end, the long term economic impact will ripple for years.
How this impact on various industries has affected finance?
Despite all these industries, coronavirus has a sweeping effect on finance. If all the borders are closed, there is no transportation of goods and services, due to this; there is a drastic fall in finance.
People are not able to manufacture and sell internationally; ultimately leading to a decrement of the economy’s monetary system. Dealings are conducted through alternative channels like telephonic consultation, online banking, etc.
How does this impact on industries affect the general public?
The corona virus’s impact on various industries also affects the general public, directly or indirectly. People are facing many problems like instability in income, unemployment, prohibition, unable to do various professional dealing, and many more.
But the concept of “work from home” has come out as a successful concept globally. People are home- quarantined to avoid/reduce the spread of the coronavirus.
The solution for reducing the impact of coronavirus on various industries
- Stop taxing unemployment benefits
- Local Governments(use government for needs) need (use need for governments) more revenue. Try progressive property taxes.
- Use the power of reprieve.
- Promote the digital world in every field.
- Build a new policy of PPCs.
- Try to manage the upcoming or existing debt crisis through new policies.
Now, in the current scenario, many restrictions on various industries are reduced, so work can be conducted as earlier but with prevention.
Conclusion: As seen in this article, the impact of coronavirus on different industries is adverse; making businesses face unique and significant challenges. And one of the finest ways they have come up with to overcome the impact of coronavirus on industries and sectors is by using trending technologies.
So, if you want to withdraw from this outbreak and want a road to recovery for the same problem, what path or solution you would choose for yourself that proves to be beneficial?
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