US News and World Report stated that Pandemics like COVID-19 reveals that health related catastrophes will keep on happening. This outbreak has had severe implications on countries economy. None remained safe by this pandemic. This pandemic resulted in closure of many businesses. Tourism is one of the bulging field. Countries announced closure of their borders and international flights and confined their citizens to their homes. Many brands went bankrupt. Many famous companies in USA had a severe pressure. Travel industry suffered a lot by facing closure of hotels, passenger trains and flights. People dying for visiting hilly resorts ended up facing home quarantine. Conferences, sports activities around globe and large gatherings faced restrictions and lockdown. Transport industry suffered in form of termination of Taxi/ Careem services. Personal services like Gyms, Saloons and clubs faced lockdown.
While some businesses were fighting for their survival, others thrived relatively better. Internet based businesses flourished and became focus of public. Online shopping and online food delivery remain prominent businesses. COVID-19 outbreak gave an opportunity to look deep into creation and disappearance of markets.
Experience like COVID-19 depicts that people are now more protective on keeping their businesses alive. They have become forthcoming by stockpiling things like food and medicines. People learned new ways of dealing with their business-related problems by believing in local production. According to International Labor Organization approximately 25 Million people could lose their job as an outcome of this outbreak. A survey shows out of every 1500 small business owners. 75% believed that they will not be able to come out of this recession. Fox Business news also reported that it COVID has negative effects on the economies of the countries in many ways.
-A note on the travel industry
Every day condition of travel and tourism is rapidly changing. Almost all the countries have banned travelling to the countries that are at high-risk during this pandemic. Some of the countries has totally banned travelling no matter the other country is at high-risk or not. The authorities found it more safe to impose this ban rather than facing critical conditions later. This results in huge economical loss for all the countries. They are facing a lot of stress regarding financial issues due to covid-19.
Guy Ryder, ILO Director-General said that:
“Workers and businesses are facing catastrophe, in both developed and developing economics”. He further continued by saying that:
“We have to move fast, decisively, and together. The right, urgent measures could make the difference between survival and collapse.”
-How the film industry will look different after Covid-19
It is a matter of fact that this pandemic caused thousands of people to face an uncertain and abrupt future. Among those people, some are looking forward to the situations in future that how the film industry will change once the production houses allowed to rum the industry again.
The Covid-19 pandemic causes countless movies in production to close up while following the immense crises and maintaining social distancing. With the passage of time, the situation is becoming more clear that a lot of on and off-screen workers who are looking forward eagerly to continue their jobs again, won’t be able to get their selves attached with the same project they were working on. Christian Simonds told Fox News that even when this pandemic will be over, people will not be getting the same number of jobs again.
- S News and world report on Covid-19
The firms are continuously busy in collecting the data regarding Covid-19 pandemic on businesses. According to the world known U.S news:
“Following the burst of initial optimism that came with the reopening of the economy in May and early June, overall business conditions began to ease and then recede,” said Joseph Brusuelas, chief economist at RSM US.
As this pandemic caused a sequence of pauses and shutdowns some major parts of industries which results in huge economic loss.
According to world report; in an address from Oval Office, President Trump said that he will use his authorities to allow individual taxpayers ad businesses to defer paying their taxes by the deadline of next month if they have faced or are still facing the adverse effects from thid pandemic. He clearly says that the delay in taxes will not be accepted at any cost. With that, the president said the he will surely allow small business administrations to start providing low-interest loans to the people during this pandemic in states for business concerns.