The COVID 19 has brought the world on its knees. The economies of the world suffered and have been affected. India is also one of them. India’s GDP projection for FY21 has been slashed to 0.8 per cent. Various sectors and industries were hit hard and facing a crisis.
To minimise the risks associated with the infectiousness of the disease, some countries and their towns are shut down, imposing quarantine measures on the whole population. This has restricted people to their homes. It all has led to business stagnation. Finance, entertainment, tech, the hyper-local marketplace, travel, education, retail, hospitality- are suffering the most.
Let’s look into some businesses adversely hit by COVID-19.
Tourism and Hospitality Sector
The coronavirus outbreak has seriously affected the travel and tourism industry. With COVID-19 being a pandemic, people avoid travelling to different countries and cities, which has adversely affected the travel business and affected the tourism benefits of the affected countries. Airlines are reducing the number of flights as more people decided not to fly during the outbreak.
The aviation sector witnessed massive layoffs and pay cuts. Even a lot of workers are forced to go on unpaid leaves. No doubt, the aviation industry has been hit hard as the tourism sector. In the wake of lockdown, each day conditions get worsened day by day. Employees do not see any ray of hope in times to come. With the shutdown of the whole country, terminals remain empty like any other buildings.
Real Estate Sector
The ongoing outbreak of Covid-19 and its impact on the economy have pushed real-estate sentiment to its all-time lowest level in the quarter ended March. In terms of launches, sales and prices, both the residential and commercial real estate sectors are expected to be hit, a survey by Knight Frank India showed.
Retail and E-Commerce
Malls, shopping centres are temporarily shut down in effect to COVID-19. As the coronavirus continues to spread around the world, one can see a shift in consumer behaviour, product demand, and retail store, factory, and logistics services availability.
Because of the pandemic, the growth estimates for global retail in 2020 will be halved from pre-COVID-19 forecasts, overall, but impacts are uneven. The hardest hit is the Fashion, furniture, education and electronics retailers.