This period is a very difficult time for a lot of countries and world currently with the outbreak of the Novel coronavirus later named by the WHO as COVID-19 and very few people would have predicted this at the beginning of the year which was a leap year and the Chinese lunar New Year (the year of the rats). The situation currently has led to high level of isolation and the market is falling big time.
Do not forget to stay safe
In this period, a lot of businesses have experienced either complete shutdown or loss. This is mostly for retail providers. Less I forget, a lot of people say this lockdown will lead to the global recession that analyst have been talking about and some people say this will lead to another set of revolution in sectors around the world. It is believed that there will be new set of millionaires, some people will go to billionaire status while a lot of people will drop from the ladder. It is also believed that one year after the lockdown, we might experience another baby booming year. Anyway, we will wait and see what happens after this complete shutdown of economic and social activity in the world.
In the midst of all this, I will urge everyone to remain indoors, and give social distancing. The virus won’t walk into home.
We know how to bring the economy back to life. What we do not know is how to bring people back to life – William Addo Dankwa Akufo-Addo (Ghana President)
A lot of businesses have been made to shut down activities and this businesses are being affected by the social distancing rules made by the government. A very few ones are;
Malls and Supermarkets
Due to the fact that a lot of people are trying to keep themselves safe, nobody cares about buying luxury items and fashion wears. Everyone currently wants to survive and this has made shop owners and mall executives to send their worker home to reduce costs as well as keep them safe. In this incident, a lot of people have turned to online shopping and home delivery. Jeff Bezos on the 16th of March said he would be hiring 100,000 employees to keep up with orders and demands by consumers.
Restaurants and Bars
Unless there are online deliveries for drinks, with the social distancing, a lot of bars have shut down their operations. The governor of New York State, ordered the closure of all non-essential services which also includes restaurants and bars. So except for delivery, there is no way they can remain in business until this goes down.
Music festival
I was asking myself if people will be interested in large gatherings anymore as it is believed that whatever we do continuously for about 28 -30 day become a part of us and a lot of people will remain indoors for over a month but I can’t predict how long. This lockdown is affecting the music festival and show industry which also affects event planners, booking agents, ticketing, and so on will be having a big down blow on their income at the end of the year.
Sports
I have never thought about the leagues shutting down for a week but this created a very different tune as major leagues like the UEFA Champions league, Italia Seria A, English Premier League, Spanish La liga, and other leagues could shut down indefinitely. The Tokyo marathon which is supposed to take place in July is still hanging and this will affect a lot of people from coaches, athletes and even sport apparel companies are suffering in this period.
Museum, Cinemas, Airlines and Travel Agencies
You do not need to be told that the International airport in your country has been shut down. That was the first thing most government did to keep their countries exposed to the virus. At the same time, other businesses like cinemas, museums, and every other agency attached to these businesses are also facing downtime coupled with the fact that the 1st quarter of the year will soon be coming to an end. Travel pack has experienced a 50% drop in business and are still bracing up for more.
It is true that this virus outbreak might shake the world but my question is;
