Business Impact On Various Industries Due To Covid-19: Analysis and Predictions
Lockdown restrictions have definitely helped the nation to curb the impact of Covid-19 pandemic and save most of the citizens from exposing directly to coronavirus. But it may also have put a lot of the growing sectors and businesses on the verge of a shutdown. Businesses are looking for aids from authorities to get back on track, but will that air be enough to help and save millions of businesses struggling to survive. In this blog, you can find the most reliable predictions for your industries created on the basis of data-backed analysis and reports and news published between January 2020 to March 2020.
Coronavirus which has been designated as the global pandemic continues to spread globally while having a significant impact on business sectors and the economy.
As a software marketplace, we are contributing our share as a clear take towards providing information on the pandemic effects on businesses and sectors associated with us.
In this blog, we tried to understand and analyze the current business impact on various sectors due to COVID-19 to make predictions upon what is being done to mitigate the impact of plunging the global economy.
Production and Manufacturing Industry
Supply disruptions are one of the most common challenges manufacturing and production industries are responding to. Under the lockdown, the automobile, textiles, and engineering are amongst the top industries facing supply issues due to a shortage of workers who returned to their home states.
Also, replacing workers and readjusting supply chains post lockdown can affect their industrial growth in upcoming years. The manufacturing and production industry’s needs require preparedness and support from the administration to be fulfilled and get a restart as the restrictions end.
Remote workplaces are in trends and are most likely to stay and affect real estate businesses for a very long time. However, the work is being done by the authorities to pull back the falling industry with radical policies and efforts. Thanks to the easing of lockdown restrictions for the construction sector, businesses, and real estate projects are planning to get back on track
Tourism and Travel Industry
As data is changing on a daily basis as the virus spreads. However, according to sources, Industry is expected to have a global loss of 100 million jobs and a $3 trillion revenue loss.
Hospitality and Restaurant Industry
Predictions are that most of the businesses in this industry will find themselves on the verge to reevaluate their business models to analyze risks and growth chances in such vulnerable times post lockdown. Further, the sources estimate that the restaurant and hospitality industries will face shutdowns and gradual recoveries in already closed businesses if the situation doesn’t improve.
“The country’s growth is likely to hit a 30-year low of 2 percent in the financial year 2020-21 (FY21) as economic recession grips the global economy, following Covid-19 outbreak, Fitch Ratings said in its latest report.”
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