Worst Hit Vs Least Affected Industries
If you click on this link here, you will see every minute around the globe someone is diagnosed with the novel coronavirus (COVID-19) and something that makes everyone worried is the mortality rate i.e. 6.5%.
In our previous blog, we have revealed the detailed stats about what are the underlying reasons for the high mortality rate in some countries, and also a prediction was made about the possibility of an increase in the number of people affected by COVID-19 in some countries, which turn real.
Read Here: COVID- 19 Analysis
In this blog, we will breakdown the impact of COVID-19 on the industries across the globe specifically in the US and also its impact on the Pakistani economy.
Since the lockdown, industries have suffered a big dent in their operations. Businesses have halted their activities and traveling is restricted due to the fact that this virus is contagious.
The lockdown has affected everyone because economic activities have stopped, companies laid off their workers and many have gone bankrupt. Governments with all the available resources are trying to keep their economies safe from getting jeopardized. Support programs have been launched to aid unemployed and daily wage earners and simultaneously relief packages have been announced to protect the small businesses.
Despite all the efforts, the global economy is facing a worse recession and many industries around the globe are yelling for rescue.
Candlelight guide has compiled the data from various genuine sources to provide valuable insight into industries affected by COVID-19 to our readers. Our aim is to create possibilities for our readers and this we achieve by investing our efforts on guides that may help you in developing an insight into every situation like a pro.
Across the globe the industries which are affected due to COVID-19 are:
- Road haulage
- Ferries/Cruise ship companies
Industries and businesses around the globe that are performing better during Pandemic are:
- Courier Pick-Up and Delivery Services
- Book Stores
- Online Grocery Sales
- Sanitary Paper Product Manufacturing
- Packaged food for the retail market
- Remote working technology and teleconferencing
- Health Care and Biotech
Industries affected in the US due to COVID-19
Restaurants and tourism/traveling affected by COVID-19 in the US:
(Open restaurants: Data is taken from average revenue last week vs the same week in 2019)
(Open Travel and Tourism businesses: Data is taken from average revenue last week vs the same week in 2019)
Industries Affected In Pakistan During COVID- 19
Pakistan is the biggest importer of raw material from China, and we all know that China was the first victim of this novel coronavirus because it originated in Wuhan, China. The imports are highly affected and as a consequence, the industries which relied on the imports have to bear the brunt. United Nations conference on trade and development (UNCTAD) has also included Pakistan in the list of those 20 countries which are affected due to the slowdown of imports from China during this period.
Among Pakistan’s top 20 imports 18 are imported from China and this includes electrical material for telephones, fertilizers, synthetic yarn, semiconductors, medical instruments, and others.
Major Industries of Pakistan affected due to slow down of imports are:
- Steel industry
- Paper industry
- Chemical sector
- Pharmaceutical sector
Invest2innovate has compiled an effective report which clearly analyzes with data gathered from startups to outline the worst-hit business in Pakistan. Nevertheless, I2I have also explained in great length those businesses which have performed well during this period.
According to I2I, companies providing technology products and services related to education and health are performing well. Also, this is evident from the fact that educational institutes are close and all the institutes particularly higher education is relying on online classes. Similarly, health services with the help of technology have gained much popularity during the pandemic as many in far-flung can seek advice and prescription from doctors online.
Also, besides these essential services managed to remain less affected by the looming crises. Online shopping has attracted all the attention and for many startups, with a focus on online sales of their product and services, this is a good time to reap some handsome revenue.