The COVID-19 crisis really taught the entire world a lesson that will not be forgotten in centuries. One of the most important of these lessons is to always stay prepared for the worst-case scenario.
During the COVID-19 pandemic, so many industries met a really harsh standstill. Some businesses had to wind up, some now have high debt, many more have had to shut down entirely, and the bad news just keeps spreading.
In this article, we’re going to look at some of the industries that got the highest hits during the COVID-19 pandemic and see why they faced such rough realities.
A lot of people would wonder how the agriculture industry would face a hard hit, since everyone actually needs food to survive. What must be made clear is that a lot of the agricultural produce that should have gone to restaurants, schools, airports, and other busy places where people would have normally needed food items were no longer open.
This affected the production and supply of agricultural products and greatly reduced sales. Hopefully, when things go back to normal, we’ll see the industry back up and active.
Without saying so much, you already know that construction companies have been halted for months now, and many building contracts have been paused. There’s no way to practice social distancing if construction workers are still on-site every day.
For both government and private institutions, the harsh halt on educational activities has really affected the industry. It is noteworthy that the educational sector also helps some other industries like health, construction, and even agriculture to flourish. The halt on this industry has an indirect effect on the others too.
This is another industry that may be confusing to you especially considering the fact that a lot of people have been needing medical attention lately. However, it should be noted that the healthcare industry suffered this hit, because COVID-19 patients were not just referred to just any hospitals, but the government handled that and it was mostly for free.
Hospitality, Tourism, Entertainment and Gaming
There hasn’t been any form of traveling for months now, and countries whose economies largely depend on hospitality and tourism will face major economic setbacks before the pandemic is over.
Gaming has also been halted. The only good news for the gaming industry is that online games were already being propagated before the pandemic started. However, real-life casinos have no use for their hotels and golf courses, and the cost of maintaining these facilities would be a waste.
As for the entertainment industry, venues like sports facilities, movie theatres, bars, and concert halls had to close during the pandemic. Many local venues have gone bankrupt, along with many small businesses.
The public sector is currently suffering a huge drawback, and we can see how so many countries have been thrown into unending debts. To keep the country going, the public sector would have to keep up the work, and to keep that up, the country would need funding. This is due to the fact that most public sectors are non-profit organizations.
Transportation was also hit hard, as fewer people are traveling these days.
The world would have to recover from this pandemic and fast if not, many more industries would be found wanting.