Coronavirus – A disaster for Business Outsourcing Services
Corona virus which was a new virus that originated in Wuhan, city of China and soon it was spread all over the world within months and different cases of this disease were being discovered in various countries and it was declared pandemic by WHO (World Health Organization). So, to end this contagious disease lockdown within countries was found to be the end solution for this. As a result, of this lockdown educational institutes and all kind of business were closed. With this student became happy as it was source of relaxation for them but at the same time for businessmen and industries it became source of stress and fall down. Business activity has collapsed from east to west at a record pace.
Now coming to the current global economic situation, as this virus emerged from china so it had great impact on china economy as well as on other countries as china is world’s largest manufacturer and exporter of goods. China is also important to the world because it makes up 50% of the world’s GDP growth. With this lockdown businesses all over the world are being greatly affected. Workers and businessmen are being stuck in their homes and are not allowed to work. Factories and industries are suspended or are running slower than normal routine.
Entire regions have been placed on lockdown, as a result production has been affected and this is direct effect on global supply chain. Supermarkets, malls and other business markets are empty, indebted corporates have rushed into money markets to hoard dollars, with a global shortage of dollar funding. Talking about California, US the world’s fifth largest economy this lockdown is very costly. In past week, there was surge in employment claims in the state.
Effect on Airline Industry:
Globally, the airline industry is set to lose $29bn, according to international air transportation association because all flights nationally and internationally are closed during this time period. According to the international Air transport association, the majority of carrier’s face are running out of money within two months because of sudden halt in international flights by the government.
Economic effect on Automobile Industry:
Due to this coronavirus, productions has halted as governments have imposed complete lockdown. Since these will remain closed at least for next 1 or 2 months, companies are sure to lose a good revenue for the month. And, it is suspected that even with improvement in this virus situation wouldn’t bring much relief to the industry quickly as it would take a while for consumer confidence to become normal.
Downstream effect on Technology Industry:
Researchers at Global Data argue that, in the IT economy at least, the economic strains resulting from COVID-19 will hit IT services companies more and harder than any other industry as they try to fulfil contracts and prospective projects get cancelled. The impact on the IT services will be immediate and long lasting. With the world lockdown, IT services staff cannot access their clients’ sites.
Impacts of COVID 19 on Food Industry:
Although, food industry executives assure public that there is no shortage of food but still coronavirus poses some threats to the food system which includes labor shortages in transportation. Labor shortage, especially a shortage of truck drivers, could pose a serious threat to the supply of food if the high demand for groceries continues unabated.
Other Small Industries:
With the emergence of COVID-19 as developed countries are affected but the one more influenced with this lockdown are small scale industries and business who are now demanding the government to become proactive in implementing relief measures to help ride the crisis.
Coronavirus disease 2019, COVID 19, Coronavirus pandemic, Novel coronavirus, Coronavirus impact
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