In December 2019, Social media was in complete turmoil. Videos of people being taken to hospitals and falling unconscious were being shared on social media. They did not comprehend what was happening. Governments across the world started imposing restrictions to curb the disease. And two months later, the entire world facing pandemic effect. Can’t believe it’s been almost 2 years, right? We too. Industries, governments, academic institutions had to rework their working system. Markets are trying to restart in the current situation. Is it possible? Time is the only deciding factor here.
These two years whole world witnessed something unexpected. Times of turmoil revealed true humanity, creativity, innovation, and perseverance. Covid has a huge impact on markets. It would be one of the major events in modern history that caused a mass shift to remote work, mass migration, mass academic, and economic slowdown. In today’s blog, we will overview the impact of covid on the markets and economy around the world.
Sectors such as hospitality, travel, restaurants, streets were affected the most. By the end of the second wave, most of them were operating at 50 percent capacity. But, the tourism sector is still recovering as travel is a major contributor to the spread of the virus.
Major IT companies shifted to hybrid and remote models. Companies such as TCS, Amazon have work from home model. This ensured minimum contact with office colleagues and completion of work. With hybrid work, the employees can work at home as well as office alternatively. These models do follow the restriction of the small workforce in the office and help employees deliver the most output. This also gave professionals a chance to spend quality time with family. Thus, balancing work life.
COVID-19 escalated online activity. During this period, there was a rise in online shopping by users. Because of restricted in-person purchases, people opted to buy from e-commerce platforms. This ensured no-contact delivery. The products were delivered to the doorstep. Many vendors also started door-to-door delivery of vegetables.
It is still one of the major sectors that bears brunt of covid. As the virus spread, it caused schools and colleges to shut down. The classes were conducted online. This also disrupted the work of those professionals who were working from home.
As lockdown began, it shut all shops apart from essentials. The customers of these shops opted for e-commerce platforms. First-quarter of covid, only essential products were out in delivery.
Those businesses that were on online content boomed during this period. Covid time witnessed a rise in internet consumption and content consumption. There were many series released during this period. And who can forget the reunion of the popular sitcom, FRIENDS? almost 30 percent of US households watched the reunion.
While there is a silver lining in the current times, it is necessary to take adequate precautions. Lockdowns are an expensive strategy and should be only used as a last resort. Till then, we as citizens can do as much as we can to adhere to safety guidelines. That will help to convert from pandemic to endemic.