[vc_row][vc_column][vc_single_image image=”2914″ alignment=”center”][nd_options_text nd_options_text_tag=”h1″ nd_options_text_align=”center” nd_options_text=”REFLECTION FROM A SUMMER STUDENT @ CRRIC ON COVID19 AND ITS IMPACT ON BUSINESS”][vc_separator css=”.vc_custom_1592076377183{padding-top: 15px !important;}”][vc_column_text]How Covid-19 has affected businesses of all sizes across the globe
The COVID-19 pandemic show differences all across countries and regions, the deep economic consequences of the health crisis are without question. As the small businesses are suffering around the whole world, including in geographic regions not yet heavily affected by the virus itself. The measures to contain this infection i.e Lockdowns and quarantine have had annihilating consequences for trade operations and disturbed numerous existing neighbourhood and universal value chains. Managers in businesses all around in businesses has reported their deals being essentially terminated due to safety concerns and which getting to inputs has ended up progressively troublesome.
Although most firms have been affected by this crisis, the depth and nature of its impact differ by firm size. Surveys show that two-thirds of micro firms are strongly affected by the crisis, compared with 42 percent for the larger companies. The effect on micro, small and medium-sized enterprises is especially severe, partly because they are overrepresented in sectors most strongly hit by the crisis, such as accommodation and food services, or wholesale and retail services. I have been to a small local shop the other day and was talking to the man who owns the store, while we were talking the man just got emotional when I asked him about how his business was running due to this pandemic, with tears in his eyes he replied that he’s struggling with the business and at the same time struggling to feed his family. That made me wonder how a small virus that cannot be even seen with the naked eye just bring down the whole world to its knees, its just so unreal.
Now its not only the small businesses that are suffering due to the pandemic, lets talk about the large businesses that are facing the same problems too, especially the Airline industry. Turning to economics, airport revenue streams have been paralysed by the record breaking drop in aviation and commercial activity. The estimated decline in total airport revenues on a global scale is estimated to be $39.2 billion (USD) in the second quarter and more than $97 billion for 2020. One of the best Airline companies in the world is Emirates, they halted most of their passenger operation as a result of the pandemic. Now, airlines and airport managing companies are seeking bailout packages from the government. Countries have banned people from entering due to the spread of the virus, both my aunt and uncle came from Finland to Bangladesh for a month and they got stuck in quarantine due to Covid and haven’t still been able to return back because there isn’t a flight they can catch. People all over the world are stuck or away from their loved ones because of this global disaster. The wider aviation ecosystem, and the global economy continues to worsen and represents an existential threat to the industry unless governments can provide appropriate relief and assistance.
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