Question

Which sectors of the economy are the worst hit by Corona Pandemic and which sectors may have benefited from the Corona Pandemic? Take one or more countries as examples for your answer. Support your findings with data and analysis as much as possible. Clearly mention the country name(s). Direction: Please answer the question in detail. Support your answer with data and references as much as possible. Do not copy and paste. Write in your own words and provide references wherever applicable. Use economic terminologies as much as possible. Write legibly in complete sentences using correct English language. There is no page limit.

Answer 1

Sectors worst hit by the coronavirus

Stock Market

The stock market has been in a collapse in recent days as fears around the coronavirus spread across the global economy. The effect of Coronavirus on the economy and the global stock market is adverse`. The Stock market has been hit hard due to global lockdowns due to corona.

References

USA:

https://ichef.bbci.co.uk/news/660/cpsprodpb/0A6D/production/_111496620_stockimpact_01042020-nc.png

Globally:

https://img.etimg.com/photo/msid-74623443/global-stock-markets.jpg

Hospitality

With several companies restricting all but essential travel, business hotels in major cities are left with a lot of empty rooms. A 35% fall was reported in the restaurant business. With everyone staying at home, hotels and lodging have suffered a lot.

Reference:

https://www.vox.com/recode/2020/3/16/21181556/coronavirus-chart-restaurant-business-local

Airlines

The airline industry is also hard hit by the pandemic, as international and even domestic flights are restricted. The International Air Transport Association projected that the U.S. and Canadian airline industry lost as much as $21.1 billion in revenue. The worldwide industry saw a decline in passenger revenue of nearly 20% under the extensive spread scenario, which resulted in an estimated $113 billion in lost revenue. With the restrictions applied to airlines, there is no flight boarding.

Movie Theatres:

It's been sometime now that health officials nationwide have urged social distancing, and movie theaters felt the impact of that recommendation. No one is there at the movie theatres as the release of the movies has been postponed to avoid loss.

Live sports

The postponement or suspension of sports leagues like the NBA, NHL, XFL, IPL and more have created a huge vacuum not just for the leagues and players, but also for the wide-ranging ecosystem that has cropped up around them. To avoid the spread of corona there are no sports championships.

Foodservice

Between full- and limited-service restaurants, caterers, buffets, and more, well over 10 million Americans work in the foodservice industry. Major cities have ordered restaurants to only offer takeout options as a preventive measure. This has jeopardized billions in wages for employees, many of whom are hourly workers. Chinese restaurants have been particularly hard hit over unfounded stigmas related to the outbreak. Food services have been affected worldwide.

Transportation

With Americans working from home and staying in instead of visiting bars and restaurants, ride-sharing companies like Uber and Lyft are seeing their potential ridership dissipate.

There is also reduced transport of goods to avoid being affected by the coronavirus.

Sectors that have benefited from the Corona Pandemic

Online Streaming Services

There is great growth in online streaming. The increase is so much that it has developed a great pressure in the networking systems. Coronavirus isolation has spike streaming by 60%.

Reference:

https://www.statista.com/statistics/1107559/video-streaming-consumption-growth-worldwide-coronavirus/

Online Training Platforms

There is a rise in demand for online training resources worldwide.

Global Traffic Growth Or Decline Due To Coronavirus

https://voluum.com/blog/wp-content/uploads/sites/3/2020/03/traffic-growth-or-decline-due-to-covid-19.png