Cities and countries in lockdown, travel restrictions and stores are closed. Global trade, commerce, tourism, investment and supply chains in disarray. People are scared, economies and industries are declining and everybody starts hoarding. That is the current street scene in almost every country. Everybody is finding difficulties because of the coronavirus, especially some industries and businesses. In the article below, we listed the top 10 businesses and industries who got affected by Pandemic (covid 19 virus).
09. Travel And Tourism
It’s not a good time to be in the travel & tourism business. Airlines, hoteliers, tour operators, restaurateurs and transport service providers have all been hard hit as a consequence of travel restrictions. Tourism-dependent countries like Thailand and Malaysia are also struggling economically as fearful tourists decide against venturing out. Also airlines are experiencing hard times with the extreme decline of vacations and travel plans. The travel and tourism industry is one of the industries who got affected very bad by the pandemic.
08. The Catering Industry
In most countries where the coronavirus has been signalized, the catering industry has been hit hard by the consequences of the government. Hotels, restaurants, bars, clubs and wellness facilities are all closed down. Some of the restaurants, like McDonald’s, work with home delivery or even a take-away service. This is, unfortunately, not possible for every restaurant. They are experiencing big losses these days, it is even more frustrating when your terrace needs to be closed down with the sun shining.
07. Export in China and Asia
The economic health of countries in Asia – Cambodia, Laos, Myanmar, Philippines and Vietnam, and others – is in danger. These countries are closely tied to China through trade and tourism. China accounts for nearly 60-90% of the exports and 50% of tourism revenues of these countries, leaving them particularly vulnerable to an economic slowdown. Also Japan, with the world’s third largest economy, is at risk. Japan’s fragile economy is unlikely to be helped by the reduced supply of critical manufacturing parts from China. If the coronavirus outbreak widens and persists, Japan could slide into a recession and they were already forced to call off the 2020 Tokyo Olympics.
06. The Car Industry
Another country that is particularly vulnerable is Germany, with the world’s fourth largest economy. Should the coronavirus outbreak deteriorate further, there could be a potentially near-zero growth situation in 2020, with falling vehicle sales causing more heartburn for the German automotive industry. This is dangerous for companies like Volkswagen and Audi in the German car industry.
India, the world’s fifth largest economy and a major importer of electronics goods from China, stands to be affected by the higher prices of Chinese electronic components caused by supply shortages. Reduced imports from China are also likely to intensify food inflationary pressures in Q2 2020.
04. Retail in the US
As for the world’s largest economy, the U.S. is likely to see a significant drop in retail imports in 2020 compared to 2019. Especially with the coronavirus in China, the import and export of goods has drastically declined. Also the stock market of Wall street is in uncertainty these days. The entire economy of the US got affected by the pandemic.
Africa, a region with deep ties to China, appears to have escaped the brunt of the outbreak. However, its incidence here could be problematic from multiple perspectives. It could overwhelm the weak healthcare infrastructure in the region, depress both commodity prices and export revenues due to the closure of Chinese ports, and diminish overall growth prospects.
02. Clothing Industry
With a lot of physical clothing stores closed, the clothing industry is also having a hard time with the COVID 19 virus. Luckily, some of the bigger brands have online stores to continue the sales through contactless delivery. But the pandemic is problematic for the smaller entrepreneurs. Some of the stores try to work with vouchers so the customers can postpone their purchases.
01. Growth In Online Retailing
There are other industries like online retailing that are experiencing an exponential growth due to the virus. Now that the stores are closed, people are buying everything online. From clothes, shoes and electronics to groceries. Online food delivery services are also, understandably, growing as are other kinds of contactless delivery services. So Online retailing is one of the major industries who got affected by pandemic