At this time, everyone is aware of the Covid-19 Pandemic.
Unfortunately, This virus has been spread in almost 200 countries and with 487,000 deaths more than 9.6 million are infected.
But the long lasting effect of this pandemic will be on the Economy. Many businesses have been already affected by this pandemic. They can be seen as a warning for the rest of the businesses. Some of the Industries which are most effected by Covid-19 Pandemic:
- The First industry hit by this crisis is Aviation. Hundreds of flights were canceled by all the airlines.
- Tourism industry is next in the line to be hit. The Tourism Industry’s contribution to the world’s GDP is 10%. Due to this pandemic a warning of up to 50 million job losses worldwide has been given by the World Travel and Tourism Council.
- Due to decline in global demand, Oil prices have crashed. The low prices of Oil will hurt the economies of all major oil producing countries.
- Luxury goods, Consumer, autos and apparels all are facing lack of huge demand for their products and services whereas we are seeing a rise in the demand of Medical care and Healthcare products.
- All Sports Tournaments and major sports events have been either canceled or postponed for months.
- With this pandemic the education sector is also affected. All the schools, colleges, hostels and other institutions are closed down until the situation normalizes.
You might have noticed that we didn’t mention the IT sector, banking sector and insurance industry in this list. Will they be unaffected? Sure, IT companies can work from home and the world cannot operate without money.