While the severity of damage differs from one crisis to the other, and from one industry to the other, here’s how the COVID-19 outbreak has impacted industries so far: Tourism In a highly global and interconnected economy, crises can result in a domino effect that touches every industry on the grid. But how bad has the global economy been hit by the outbreak? The Economic Repercussions of the Novel Coronavirus While no one knows for sure what the world, the economic situation, or social life will be like on the other side of this pandemic, two primary goals dominate businesses’ priorities: keeping employees safe and safeguarding the business from fatal collapse. Amid today’s crisis which forces many people into quarantine, stripping down their activities to the bare minimum, this thread of economic hope is the technological strides that allow many systems and industries to fully function remotely. However, in each crisis there’s always a silver lining that guides our way through the obscurity of darkness. Under the global state of emergency prompted by the outbreak, in addition to complete lockdown in some of the affected areas, the economic fragility of many co-dependent industries that rely on the free market supply and demand was exposed. By March 22, the World Health Organization had reported 294,110 confirmed cases and 12,944 death across 186 countries1. In December 2019, a novel virus, the Coronavirus disease (COVID-19), took the world by storm, permeating China and spreading across the globe.
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