COVID19 – HOW IT’S IMPACTING LIVES AND BUSINESSES AROUND THE WORLD

2020 signifies the start of the third decade of the 21st century and it is starting on a very serious note. I am talking “End-of days” and “Armageddon” themed happenings. Barely a month into the year and we were greeted with the Corona Virus outbreak around the world, which brought with it so much uncertainty that many governments and businesses had no option but to close up shop as a precaution. These are interesting times and it is inevitable that only those that adapt can survive the effects of this pandemic. Unfortunately, this applies to both human and business entities, as families are being separated by quarantine and many lives lost daily to the virus.

We have witnessed the shutdown of economic activities around the globe, with quick responses from certain well-established businesses to small start-ups. This spells disaster for many economies in the third world and less prepared “developed nations” like the US that may lack the resources or political know-how to respond adequately.

Industries are already being severely hit globally and it is only a matter of time before we see the complete shutdown of certain operations. In the movie industry, the US box office revenues are down by more than 75% year-on-year. France & Italy have shut movie theatres, and in dozens of other countries, box office takings are down by more than 75%. As more countries get shut down to contain the COVID19 pandemic we expect these numbers to increase significantly. 

People are mandated to practice social distancing around the world and energy usage (fossil fuel) in locked-down Italy, Norway, Spain & France has been down sharply over the past weeks (@jburnmurdoch).

These numbers will differ in less developed parts of the world like countries in West Africa that largely still depend on fossil fuel for generators and small power installations. Vehicular traffic, on the other hand, will significantly drop as these countries completely shut down to contain the spread of the pandemic, as experienced in China and Europe. 

These are indeed scary times for business owners and large corporations, but there is an exception of new-age companies that have noticed an increase in patronage after the global pandemic started. Video conferencing platforms have recorded an increase in usage and we are experiencing a drastic change in how we do business globally. Social Media and Video Streaming services are also experiencing an increase in user activity as people around the globe stay in touch, entertain themselves and share information about the pandemic and messages of hope/ encouragement. 

We will continue to observe/ report on the happenings around the world to keep you updated and prepared. Our team extends all our love and light to all those struggling with the devastating effects of this pandemic. To those, we have lost already, keep resting peacefully and our deepest condolences to family and friends. 

Be Safe and Stay In-doors!