Mumbai, Maharashtra Jul 23, 2020 (Issuewire.com) - The coronavirus pandemic has affected millions of people worldwide. With the COVID-19 spreading across all corners of the world, the countries are taking the necessary measures to stop the spread.
The most recent studies produced by the Institute for Social and Economic Research (ISER) at the University of Essex suggest that more than half of the jobs in different sectors of the UK economy are at risk. The worrying numbers from the United Kingdom are followed by estimates being performed in relation to the United States economy.
President Donald Trump is predicting an economic boom once the social distancing restrictions are lifted but economic activity in the USA is expected to take a serious dent until the threat and fear of the coronavirus spread recede on a global level.
The New York Times reported that COVID-19 crisis has pushed more than 22 million American out of work in four weeks' time, adding that a study performed by a National Bureau of Economic Research claims the economy will shrink by 11 percent. The experts from Northwestern, Stanford, the University of Chicago and Boston University are predicting the sharpest economic contraction since 1946.
Strict limitations, quarantines and restrictions have resulted in a business slowdown and shutdown with some industry branches suffering more than others. And as the world awaits the COVID-19 vaccine in anticipation, here is the list of 5 industries that have been most affected by coronavirus lockdowns.
- Tourism
The travel and tourism industry has been severely affected by COVID-19. As soon as the WHO has declared it a pandemic, the countries around the world started closing borders and inducing transport limitations. Moreover, people themselves are avoiding travel unless necessary.
Therefore, the leisure industry has been negatively impacted as summer resorts went through lockdowns and closures. Moreover, the airline industry is another closely related branch to suffer from coronavirus spread. Global airlines could lose no less than $113 billion in sales if the virus continues to spread at its current pace, according to the International Transport Association.
- Sports
The dramatic spread of the pandemic has led to sports events across the planet being postponed and ultimately cancelled. The 2020 Summer Olympics have been rescheduled to 2021, while the 2020 UEFA European Championship - originally planned to be held across 12 different countries and as many cities - has also been pushed to next summer.
Sports suspensions have had a significant impact on the entertainment aspect of the industry but the fans of football, basketball, Formula 1 and other sports are not the only ones affected. The COVID-19 spread has also hit people working in the industry.
- Entertainment
With large gatherings seen as triggering points for virus spreads, sports competitions are not the only leisure sector adversely affected by the virus.
Concerts, music festivals, movie theatres and art galleries have all taken a huge hit during these difficult times. Fortunately, some of these sub-industries have found a way to override the virus by moving their operations online. Art galleries and museums are opening their virtual doors to the world, while the musicians are gathering in relief concerts ad performances.
- Retail, Marketplaces, Restaurants
Malls and shopping centers belong to the same category. The retail industry and its social aspect have been affected as people distance themselves from crowded spaces. People are ordering their necessities online and doorstep delivery has now blossomed.
Restaurants and marketplaces are trying to make the most of hyperlocal delivery with food, medicine, grocery etc. all gaining momentum. Contact-less delivery and doorstep drop-offs are becoming a huge thing at the moment.
- Fintech
Financial markets as a whole are expected to sustain the biggest blow during the pandemic. The Fintech sector has suffered a drop in all-level transactions as people keep spending less as lockdowns become tighter reports Trustedlinks.co.
At the same time, the foreign exchange market has been experiencing dramatic swings. Similar scenarios have been played in stock exchanges and oil markets in the last couple of months. Panicked investors have reacted and nations around the globe have been forced to spend in order to tackle the global fallout. And with no sight of virus relief on the horizon, it remains to be seen how much the global markets will truly suffer in the end and how long it will take for the entire world to get up on its feet.
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