Economy During the Pandemic – What’s Booming and What’s Not?
People have been struggling to deal with the pandemic for almost two years already. Everything has changed, economies and businesses have failed, lockdown after lockdown makes it harder for people to go on with their lives, earn a living, and for companies to keep afloat and avoid bankruptcy. That being said, the online environment has seen a massive upsurge during this period, managing to thrive.
Businesses That Benefited from the Pandemic
Stock Markets
The stock market investing industry experienced a major boom during the pandemic. Since people had to stay at home, they started to focus more on online trading. Even though the value of the currencies (e.g., USD, EUR) didn’t experience an exponential increase, the trading itself still benefited a lot.
For instance, the Review Brokers website can show you how many new brokers can be found on the market every month. Then, if you pair your research there with Forex Broker Listing, you can see that, for many people, trading is extremely popular when it comes to spending and making money.
Pharmacies
Pharmaceutical companies are also at the top of the list. Besides the fact that people started becoming more anxious with regards to their health and invested more in their well-being, pharmacies have also benefited from the huge selling boom of masks, COVID tests, and sanitizers. Moreover, governments have invested billions of dollars into developing a vaccine and establishing a treatment for Covid.
Delivery Services
Lockdown after lockdown, restriction after restriction – all that was left for people to do to stay safe was to limit their time out of the house. As a result, delivery services registered an enormous success. People started to order breakfast, lunch, and dinner from home, started shopping for groceries from home and having them delivered. Also, many families nowadays prefer shopping for clothes or home decorations online too.
Businesses That Didn’t Benefit from the Pandemic
National And International Tourism, Airlines
Even though tourism is slowly getting back on track since more and more people are getting the vaccine, it will be a long time before it reaches the same level as before the pandemic. Considering the fact that, at the beginning of the pandemic, almost all the countries closed their borders, airlines stopped scheduling flights, people stopped taking vacations, and businesses didn’t organize international business meetings anymore, tourism suffered a huge decline.
Recreational Services (Restaurants, Pubs, Gyms)
Before the pandemic, recreational services were a great success. People love taking breaks, they enjoy having breakfast or dinner out, they like meeting people, having fun, doing sports. When the pandemic started, everything was shut down. Almost two years later, these service providers are still struggling because of the restrictions. A lot of businesses went bankrupt and those that are still on the market are just trying to keep up with the changes in the industry.
Construction/Retail Services
Since a lot of people lost their jobs or suffered salary cuts, they were forced to stop any construction plans, find a place with cheaper rent or leave their plans of buying a house for some other time. Moreover, since more and more companies started work from home, a lot of business centers remained empty and are still empty today.
The Bottom Line
There is no doubt that the Covid-19 pandemic had a huge impact on the global economy. While some industries benefited from it, others suffered a colossal decline. Hopefully, as more people are being fully vaccinated and the restrictions are being removed, the economic balance will be restored.