COVID-19 Impact on Business

Written By: Amjad Ali Rind

 History of COVID-19: 

Coronavirus disease COVID-19 was first detected in the animal market of Wuhan, the capital of the Hubei Province of China. The China authorities confirmed that they identified a new virus. 

Symptoms of Corona Virus: 

The symptoms of coronavirus are difficulty in breathing, coughing, and high temperature.  Firstly, the virus was characterized as an “epidemic” but later on WHO declared coronavirus a “pandemic”.

it is an infectious disease that spreads rapidly and transmits from person to person at an exceptional rate”.

How has the Virus affected different demographics? 

Since the inception of this disease, the Coronavirus effect has spread in more than 210 countries, coronavirus UK, Italy, China, and Territories and 6 continents around the world.

Up till now, a total of 2,414,595 confirmed cases of COVID-19, and a toll of 1, 65174 deaths have been reported globally (World Health Organization, 2020).

Owing to the increasing number of infected cases and the spread of the virus in almost every corner of the world, the World Health Organization suggested the world declare a global health emergency. 

How the coronavirus affected you: 

The virus spreads from an infected person to healthy people through tiny droplets or invisible particles of saliva or mucus due to coughing and sneezing. Even Coronavirus transmission 

Can be spread through the breathing of an infected person. According to the World Health Organization (WHO), scientists have discovered that coronavirus can be caught in the air at least for three hours in the air which makes this pandemic more lethal.

Currently, scientists are investigating that the virus could also spread through ‘Bio aerosols’ –it refers to the exhalation of fine tiny particles by the infected person which can be suspended in the air and cause the virus to others. 

Moreover, the National Academy of Sciences, Engineering, and Medicine backed that the virus could blow out through the air. Also, the White House Office of Science and Technology Policy endorsed that the lethal virus is airborne. According to Linsey Marr, an aerosol scientist at Virginia Tech has said “I think that transmission by inhalation of the virus in the air is happening,”. 

Thus, scientists are not denying the spread of coronavirus through the air. Moreover, a recent report has been published by the New England Journal of Medicine claimed that coronavirus might be transferred through the airborne route. The study found that the little aerosols remained in the air during the experiment for 3 hours. Since half of the world’s population is under lockdown and governments are attempting to build a wall that stops the spread of COVID-19, it is spreading like a fire in the jungle. 

Coronavirus effect on Business 

In the past few months, COVID-19 made a huge change worldwide. The world has witnessed a great disruption due to the coronavirus pandemic. The coronavirus effect has paralyzed almost all walks of life. Besides health concerns, Coronavirus implications for businesses have also impacted other numerous businesses and industries around the world facing economic losses as a result of the outbreak. More specifically, due to the spread of coronavirus, many countries will suffer financially.

How has the virus affected your work?

Despite the doom and gloom around the world, there are some positive aspects. Around the world, domestic and international small and medium enterprises (SMEs) and multinational companies (MCs) are bearing the brunt of the coronavirus. They are temporarily in closing their business or shut down in the worst situations and lockdowns. 

Moreover, thousands of goods containers have been grounded at ports for weeks, public and commercial transport have been thwarted or experiencing delays and cancellations, and countless cities and countryside are under corona lockdown worldwide. Moreover, they are now reflecting on their values about material and immaterial things. The legislature is making short-term and long-term policies to deal with the daily happenings and catering to the needs of their people despite there being a strain on the side of the supply chain. Both short-term and medium-term goods sales and production have drastically declined during the pandemic because of the worldwide lockdown. It is estimated that the revenues will decrease by 20% in 2020 and companies are going to see an inevitable reduction in their yearly targets. 

Coronavirus affected all industries: 

The shutdown of small and large businesses has resulted in an economic crisis for the industries that are hit hardest by the Coronavirus. Small businesses like shopping malls, grocery stores, and clothing markets will be seen either running their business on black to compensate for what they have lost during a lockdown or the owners of the business would be seen begging in the streets, outside the ATMs, near petrol pumps and fruits markets, etc.

if the lockdown is prolonged and converted into a curfew. Also, the major businesses and industries that will be affected by the coronavirus are electronics, hospitality and tourism, restaurant and entertainment, pharmaceuticals and healthcare, the fashion industry, automobiles, shipping, and construction.

Epidemic crippled economics: 

This pandemic has affected the business world both positively and negatively because it has crippled economies and reduced inflation. Furthermore, Energy is produced five times more than its current consumption, so the prices of fuel are decreasing day by day. This lower price of fuel lessens the cost of electricity. Soon, the price of one gram of Gold come down to half of its current price. 

The pandemic has affected the work of the world from the street vendor to the CEO of Companies. Millions of people might be losing their jobs and become jobless during the prolonged lockdown. Countries around the world are thinking to ease the lockdown to repair the economic loss. However, scientists are warning that this may worsen the current situation even more.

World faces economic challenges: 

The coronavirus is a human tragedy and has a growing impact on the global economy In addition to this, Coronavirus has imposed several economic challenges that are socially driven. COVID-19 can disrupt business directly but managing the effects of the virus requires the study of human behaviors in the social and economic context. The impact of the coronavirus is being felt all around the world. The leaders are navigating 

Coronavirus affected Developed and Developing countries: 

Moreover, both developed and developing countries are facing a lot of challenges to curtail the losses caused by COVID-19.

Developed countries like the USA, UK, Germany, Italy, and China have huge economies and resources to sustain their economies in the aftermath of the coronavirus.

However, developing countries like Pakistan which is already facing an economic crisis have to face more hardships in the future. Pakistan was recovering from the external crisis but due to the outbreak, the country went back to the International Monetary Fund (IMF) for another bailout package to balance the loss caused by COVID-19. 

How can you Manage your anxiety about the coronavirus?

After the Great Depression, this pandemic has taken a thousand lives and flickered fear of the world’s worst downturn. None has ever wished to go through these crises. Needless to say, social and business scientists are closely monitoring the social and financial impacts of coronavirus so that they can investigate its effects. More specifically, how COVID-19 affected business worldwide. Unpredictably, consumers are doing panic shopping and storing foods and other items that are needed for their survival