The Coronavirus Effect on Global Economy

2020 will remain an odd year because of Coronavirus’s impact over multiple industries across the globe. Covid-19 has affected the global economy, and therefore, many businesses have faced immense issues throughout the year. The article will focus on three major industries, Tourism, Business, and Gambling, and how Coronavirus has influenced specific changes in the respective sectors.

How has Coronavirus Affected the Economy, Globally?

1. Travel & Tourism Industry

The travel industry has perhaps suffered the hardest hit by the COVID-19 episode. Regardless of including all the safety protocols and abiding by the rules, the travel industry might still face severe consequences of the current pandemic. With most people choosing health over travel, the tourism industry has suffered a significant drawback the entire year. Let’s go through the points below to know about the impact on the industry:

• As per the WTO, there would be a decrease of around 20% to 30% of travelers in 2020.
• The nations which are mostly dependent on the tourism industry would face massive blows than others. Some of the places who have suffered the most in the pandemic are:
  • France
  • Spain
  • United States
  • China
  • Italy
  • Turkey
  • Mexico
  • Germany
  • UK
  • Thailand 
• The small islands have also faced a significant downfall in this year. With their community solely dependent on the travel industry, Coronavirus has impacted their day-to-day life massively.

2. Business Industry

All the significant enterprises of the world are as of now managing the overwhelming impacts of COVID-19. From office work to remote work, 2020 has seen substantial changes in the business industry. It has impacted significant firms as well as small start-ups. Follow the points below to know more about the impacts of Coronavirus in 2020:

• After the first downfall, the business industry has accepted the negative impact of Covid-19 pretty well. Though most employees have lost their jobs, several companies have shifted to working remotely and gaining profits.
• There has been a severe issue with the economy’s financial condition due to the substantial loss in business sectors, especially in countries like:
  • India
  • China
  • Italy
• With the business industry’s significant impact being the shift to the remote work policy, most companies are considering remote work for their future endeavors.

3. Gambling/Casino Industry

The gambling industry has been feeling the impacts of Coronavirus a lot. Unfortunately, the scenario might go on for quite a while in a similar manner. Here are some implications for you to know about the situations faced by the land-based casinos:

• Financial loss has been one of the significant issues faced by real casinos.
• The gambling clubs have seen a massive decrease in the number of casino players because most people take them as high-hazard zones for the spread of the virus.
• However, the industry has also seen an increase in the percentage of online casino sites. With the decreased rate of players in the land-based casinos, there has been a massive growth in the number of gamblers in the online casino websites.

Conclusion

Apart from the industries mentioned above, Coronavirus has also affected other sectors such as education, entertainment, food, etc. Hopefully, most segments would accept the adverse effects and still carry on towards more hard work and make the bad days even successful.