Predictions and After Affects of COVID-19 on Business Industries



Since March 2020, countries around the world have proceeded to lock down communities to prevent the spread of the coronavirus or COVID-19.

For many, this means self-isolating, social distancing, and closures of schools, businesses, and public events.

With the uncertainty of the outbreak continuing, what kind of predictions can we make in the aftermath?

This is the second part of a two part series. In the first part, we looked at how COVID-19 is affecting business industries and how they may have changed.

In this part, we’ll look at some predictions and after affects of COVID-19 on business industries.

What is COVID-19?

 

First, let’s actually define what the coronavirus, or COVID-19, is. COVID-19 describes a large set of respiratory type viruses.

While the initial thought was that people 65 and older were more susceptible to catching COVID-19, growing evidence has shown that anyone is able to catch or be a carrier for it.

This is why social distancing and taking preventative measures are very important in stopping the spread of the virus.

Predictions and After Affects of COVID-19 on Business Industries

 

As COVID-19 is still ongoing and research on the virus is continuing, predictions on where the world will be after the illness are many.

Some predictions are bad – a billion people could be pushed into poverty, caused by a COVID-19 related recession.

Some predictions look to the future, with hopes on developing better systems for better outcomes.

The global shipping industry, for instance, has begun looking at ways for better interoperability in supply chains.

Containers on a ship

The suggestion is the use of blockchain technology, which enables a distribution chain for authorized users to access.

This would enable different parts of the supply chain to follow and track shipments and other goods.

The rise in technology

Technology has already been a boon to business collaboration, but during this time, that usage has increased.

Many businesses decided to have employees work at home rather than shut their doors completely. This had given an increase in mobile workstations, like laptops or Chromebooks, and video conferencing.

Video conferencing and instant messaging, though a standard for many businesses, has grown even more important, as businesses and schools use these to communicate.

As we mentioned in our first article, many live events or annual conferences have either been postponed or cancelled due the COVID-19 outbreak.

Some predict that these event formats will change, with the use of streaming conferences and webinars.

This is based on the rise of streaming services that allow people to watch programming and other content when convenient to them.

The economy

A major issue for many during this time is the economy and the uncertainty of it has been at the forefront of everyone’s minds.

With businesses, schools, and other facilities shut down and many out of work or furloughed, the question of where the global economy will be at the end of this is tough to call.

A recent poll by Reuters asked economists what their predictions would be for economic recovery.

V-shaped economy recovery

The difficulty in predicting where the economy could head is met with the outbreak still ongoing. A best case scenario being a sharp recovery, or a V-shaped recovery where there is a sharp return to normal.

Other scenarios point to a long term recovery, either U-shaped, W-shaped, or L-shaped. These predictions suggest a return to economic stability, but it will take a while to get there.

In this two-part series, we looked at how COVID-19 has affected business industries, such as construction, shipping, restaurants, and entertainment.

In this second part, we looked at what the predictions and after affects of COVID-19 on business industries might be.

While the initial predictions seem bleak, it’s important to remember that we are still in the midst of the outbreak and information is still coming out.

There are also opportunities that can be found during this time as well. Changes for how we work, teach, interact, and more are currently different from what we’re used to and may grow because of this.

The main focus for now is keeping everyone safe.

Many businesses, including Southwest Mobile Storage, have made commitments on upgrading safety or cleaning procedures to do just that.