The spread of Covid-19, as the disease is formally known, is unsettling supply chains, sapping sales of some products, throwing travel into chaos, freaking out the stock markets, and intensifying fears of a global recession.
Covid 19 effects the economy of our country. At the moment we have to temporarily close our shop and office. Some of us allowed to work from home. Tourism and airline industry badly effected. Same goes to small and medium companies.
Of course, this virus has led to major transformations in all sectors globally, but in economic terms, there are areas that will flourish, unlike those that have weakened, in addition to that once this crisis is over, there will be explosion of all works, As researchers, it is necessary to start studying all fields so that the crisis can be turned into an opportunity once this virus ends, and certainly decision-makers in all parts of the world will lay out future plans for all expected scenarios.
The Covid-19 pandemic has scarred the world. It is life now completely unrecognisable in comparison to the freedoms we had a few short months ago. Whether Covid-19 triggers an economic crisis depends on the ability of industries to adapt to the new normal.
Lockdowns have restricted travel so those industries which have successfully digitalised are thriving. Whilst those businesses that are unable to do so are in danger of collapsing and bringing a significant chunk of the economy down with them.
In this global technocracy, almost everyone has access to a personal digital device. The limiting factor to successful digitalisation is therefore the industry rather than the public. So, the industries that will survive the Covid-19 crisis are those who either do not need to digitalise or can digitalise completely. For example, even the education system has fully digitalised. From kindergartens to universities; every educational institution is holding online classes. Some are even pre-recorded. Homework is submitted at the click of a button. This new system has resulted in cost savings and one wonders why this was not more common before.
The hospitality business has suffered as it can only partially digitalise. Sit-in restaurants are empty but online take-away services are booming. The role of tele-medicine in the healthcare sector is increasing for outpatient services. Some patients even prefer to have a consultation via telephone or video calls whilst sitting in their own homes. However, many people are unwell and need to be admitted to hospital. So, this sector can’t fully digitise.
Any sector in the economy that can digitalise will thrive under these conditions of the Covid-19 pandemic. Indeed, once the lock downs end these industries may remain fully online having realised the significant benefits of digitalisation. However, it is difficult to digitalise international travel. Furthermore, now that the world is more digitalised than ever before, we do not need to travel as much as we did before. So, it will be interesting to see what remains of the airline industry when the lock downs end…