The impact of the ongoing COVID-19 crisis is often seen in the climbing infection rates and death tolls.
Additionally, the effect can even be felt on the economy due to curtailed economic activity and reduced quality.
As a result of this, industries dependent on any physical activity and proximity have been impacted. However, there’s also been a spillover impact.
With the rising of globalization, economies became more interconnected, causative to a ripple impact affecting industries everywhere.
MOST AFFECTED
1. Airlines
The Aviation business has been one of the worst-hit during this crisis because all international and domestic flights are off.
Many months passed, once the situation was unfolding, they had the accessorial pressure of flying empty flights to keep the routes assigned to them.
The aviation business is already an extremely competitive space with terribly low-profit margins and a high fixed price quantity.
They still need to pay hangar prices, salaries, maintenance prices and far more, suggesting an increased outflow of money with nearly zero financial gain.
In step with estimates from the International air transportation Association (IATA), airlines might have lost $113 billion in sales globally.
2. Travel and tourism
It’s not simply airlines that are reeling beneath the impact. By extension, the tourism business has additionally suffered an enormous blow.
Several geographies across the globe are entirely dependent on tourism revenues to sustain their native economies.
Therefore, the disappearance of tourists has bankrupted several sub-sections of the tourism business – Travel agencies, Hotels, the Tourist market, bazaars, and restaurants have suddenly found themselves with no financial gain.
3. Automobiles
The Automotive business has additionally seen a significant slump in sales, and the reasons are two-pronged.
For one, people don’t seem to be ready to move around, which suggests that consumer sentiment isn’t in favour of shopping for more cars.
Also, cars are expensive purchases – with the economy within the doldrums, they’re either pushing aside their assets or abandoning them altogether.
All of this can be contributing to uncomprehensible quarterly revenue targets, with forecasts not wanting promising either.
The business had already been declining slowly because of the rise of taxi apps and car rental services, and this blow might take a while to endure.
LEAST AFFECTED
1. Healthcare and pharmaceutical company
Governments and firms alike are pumping in resources and money into rising healthcare infrastructure.
With a focus on specializing in pharmaceuticals, PPE kits, testing kits, and hospitals, this has been apparent sectors do not suffer any significant setbacks.
Observing the road ahead, there’ll be an increased focus on preparedness and improving our disease response capabilities, which might see any investments being created into this sector.
There’s a caveat, though, as patients with non-critical sicknesses are suspending their hospital visits once the lockdown is lifted; thus, there has been a marked decrease in the patient inflow.
2. Telecom
As a direct impact of the lockdown, there has been a substantial surge in medium infrastructure usage.
Folks are currently increasingly hopping on mobile data and the net to speak with one another.
The boost within the variety of pros engaging from home has also led to increased usage, putting a strain on it, giving rise to bandwidth problems.
Reading the signs, for now, more companies would explore continuing with a remote-work policy to cut prices even after the lockdown is lifted.
For instance, TCS is considering creating seventy-fifth of its extensive workforce work from home by 2025, which suggests other companies will also imitate soon, resulting in a bright future for telecommunication.
