As we all know, we are going through one of the worst phases of this century. The whole world has been shut down and all of the import-export and business between different countries have been put on hold until the situation gets in control.
The whole population of affected countries is in grave danger and there is a feeling of terror in the mind of people as the situation is out of control. People are feeling like they are in a cage during the lockdown and during the isolation phase.
There is a huge slowdown in manufacturing in China, and also due to this outbreak the world trade has been disrupted and according to the United Nations Conference On Trade and Development(UNCTAD), there would be a $50 billion decrease in exports all over the world. India has faced an estimated 348 million dollar loss due to the outbreak.
Some of the major countries have also got affected, the United States has faced the impact of $5.8 billion, Japan $5.2 billion, European nations $15.6 billion, South Korea $3.8 billion and the list goes on.
Some major cities of the world on Break
In this situation and due to lockdown, most of the major cities of the world are totally isolated as the government is trying to keep people indoors and those places which tend to be crowded have to be totally avoided by them. Necessary actions have been taken as most of the countries have announced the situation of lockdown, some countries have curfewed the nations, while isolations and other methods are being followed to keep the citizens inside their house.
Salsburg, Washington DC, Tokyo, Cairo, New York City, Delhi, Mumbai, Beijing, Mexico city all are facing a huge crisis in this situation. The whole business has been affected a lot in these cities if we take the example of Las Vegas, Nevada it is known for its nightlife, casinos, various wonders and places where one can have almost anything he/she wants but in this drastic situation this city is also facing serious issues.
These are some of the major Business in the world which has been affected due to the Coronavirus outbreak
Travel and Tourism
The business which has been most affected is Travel and Tourism due to the Coronavirus outbreak. Due to the increasing number of cases in major countries like the USA, Italy, China, Spain, Germany, and other countries the airline's company has shut down its services for these countries with the high impact of coronavirus. The Indian government has suspended the visas from countries like Italy, China, Iran, South-Korea and Japan and is not allowing any new cases for visas until the situation gets normal.
Some of the nations like Singapore, Hong-kong which were majorly dependent over Travel and Tourism for their earning has been affected drastically and a lot of loss is being faced due to this.
Terror in the mind of people all over the world has lead them to cancel all of the plans and visits to the holiday destinations. This has resulted in a huge decrease in hotel reservations and cancellation of flight tickets.
Gaming Industry
As all of the major business has been facing a lot of losses during this lockdown period but some of the Industry like Gaming(especially Online) has been seen a rise in their sales. People while staying at home are preferring to spend their time playing online games with their friends. It can be said that they are finding new ways to socialize as at the current time it is most safe to socialize over gaming platforms rather than socializing and meeting in real life.
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Automobile industry
There were new opportunities introduced with the introduction of electric vehicles in the country. The Indian market was totally set for giving chance to electric vehicles but with this epidemic situation, there was a huge decrease in imports from other countries. As Lithium-ion batteries are the main source of fuel for these vehicles and China is the main producer and exporter of Lithium-ion batteries and under this situation, there is no trading with china and the raw material has been totally cut off which has resulted to a sudden break to this speeding industry.
Moreover, the production has also been affected as due to the lockdown situation the most of the manufacturing plants fr Automotives has been shut down under the notice from the government. This has resulted in a sudden decline in the production of vehicles and also the sales department has been facing the issues of the huge decrease in sales due to the virus outbreak.
Consumer durables
The same case is with the consumer durables and electric appliances, there has been a drastic decrease in the raw materials that were being imported from China. The whole production has been disturbed due to the decrease in the availability of raw materials.
As a result, the electric appliance industry will be increasing the prices of refrigerators, air conditioners, microwave ovens, washing machines, heaters, and various other electric appliances. It is so because they would be trying to cover up the losses that they are facing currently due to the decrease in production and sales.
The smartphone market has been affected very badly as the largest manufactures of smartphones in China. Due to the decrease in imports from China, there has been a shortage of material. Apple has been facing a lot of issues as the main assembly of the apple products were totally held in China.
Pharmaceutical industry
The main impact of the coronavirus outbreak has been a great hit over the pharmaceutical industry. There has been a lot of pressure over this industry as the demand for medicines has been increased due to this epidemic. There has been a shortage of supply for medical equipment as well as medicines as the number of patients with coronavirus symptoms has been gradually increasing in India as well as the whole world.
As the imports of Raw material from china have been shortened which leads to a lesser amount of raw material. This has lead to increase prices of drugs by 40% to 70% which a huge hike.
Steel industry
The whole steel industry has been affected drastically all around the globe. The same case and problem is with this industry as China is the main producer and manufacturer of steel all over the world. With the decrease in trade of china with the whole world, the raw material has been stuck within china as it is not being exported to the rest of world which has raised new opportunities for Indian markets which is being encouraged by the Indian government as this a chance for Indian manufactures to increase the share of steel manufacturing and exports all over the world.
