The world has seen natural disasters and extreme events happen in the past, but few have been as impactful as the current coronavirus pandemic. With the majority of the countries imposing some kind of special measures to slow down the spread of the virus, many industries have already suffered irrecoverable losses.
While the manufacturing industries are also suffering, it is the services sector that is really taking a beating. In this infografic of bestcasinosites.net, the impact on many such industries, is clearly shown.
We took a look at a few of the industries that are hit most heavily by the pandemic and the way they may bounce back in the coming months.
The industry that was probably hit the hardest by the measures brought about by the pandemic is the travel industry. With airports worldwide shut down or limited and so many borders completely closed to commercial traffic, the travel industry is at an all-time low.
This is not to say that all travel is outlawed worldwide, but even in those parts of the world where people can travel, the complications associated with it and the sheer fear of spreading the virus is mostly keeping people away from airports and bus stations.
There is some light at the end of the tunnel, however, as some countries like China are beginning to make travel a normal part of daily lives again. Hopefully, within a few months, worldwide travel numbers will bounce back to pre-pandemic levels.
Food and Beverage Services
Restaurants, bars and coffee shops were among the first businesses to close down in many countries. Since these places tend to have people gather in large numbers to socialize and they are not considered essential, they were the early economic victims of the situation.
With so many restaurants and other similar businesses closed worldwide, the impact is massive, especially considering the number of small businesses in this industry. Such businesses can hardly afford to pay people while out of business, which is why this is the one industry where most people are losing their jobs.
The hope is that the lockdown on such facilities will not last too long and that the panic will subside, which would allow people to once again gather in their favorite drinking and eating spots to share a meal and some laughs with their friends.
The Oil Industry
One massive global industry that was shook in a very serious way by the pandemic is the oil industry. Worth hundreds of billions of dollars, the oil industry depends on constant consumption. With the demand for oil so drastically dropping due to travel bans, the price of oil has hit a low point of the past decade.
Companies with heavy investments in the oil industry are already losing millions and may continue to do so over the coming months. Another big problem for big oil is the fact that the price is often slow to bounce back and the trust of people in travelling abroad may also be quite slow to come.
The gambling industry is another one that was hit extremely hard by the pandemic. With most casinos worldwide shut for business for the foreseeable future and sports events mostly canceled, there are fewer and fewer ways that people can actually gamble.
The online gambling industry has seen an uptick thanks to this decline in the live gambling activities. However, the short term uptick is also unlikely to last as so many households have been hit hard by the various measures and people losing jobs, that the overall individual liquidity is going down by the day. What’s even more, many people will rather sit on their money than invest it or have fun with it in these times, adding even further concerns to the gambling operators.
Retail makes up a good chunk of economy in most countries and just like most other face to face businesses, retail stores have been shut down in a big part of the world. Just like the food and beverages industry, the retail industry is already suffering massive losses.
The one thing that can be somewhat comforting to retail store owners is the fact that people are still shopping for things online and will likely rush the stores once they reopen looking to purchase new goods and perhaps spend some of the money they stocked up during the crisis.