Is the Current Situation the New Normal Post COVID-19 Crisis?
Currently, our generation is facing one of the biggest health crises the world ever witnessed. Yes, it is about COVID-19! We all know how deadly this pandemic is, if not, we can know about it by checking the current world stats of each and every country. Our lives have highly affected by this pandemic. It’s more like everything has come to a standstill.
It’s no hidden that it’s the corporate world that has highly affected by the COVID-19 pandemic. Be it educational institutions, e-commerce, IT, or travel, each and every business industry has suffered a huge loss. Where a few business sectors like IT have incorporated the work from home policy, some industries like Travel are still hoping and waiting for things to get back to normal.
But the question is, will everything become normal as it was before? If not, what would be the ‘New Normal’? Well, certainly there is a new normal. But what it would be like? Let’s find out about it!
New Normal Post COVID-19 Crisis
Despite the tough situation we are facing right now, there will be takings and opportunities post COVID-19 crisis.
Countries will look to improve their healthcare department. New social and behavioral norms will be formed. And do not be amused to see, if people will actually start following the concept of social distancing, wearing masks, and maintaining hygiene. complacency.
While staying at home in isolation can help us immensely to fight with Coronavirus, it won’t be an ideal way to achieve our personal growth as well as the country’s better economy. There will be new standards for trades
E-commerce will be one of those sectors which will receive a huge demand post-COVID-19 crisis. There will be trade facilitation in the e-commerce industry where countries will be connected over digital platforms facilitating paperless trade. Another market that will receive a significant growth will be the freight forwarding. As per a report published recently by Global Freight Forwarding,
Talking about the IT sector, it will remain intact. However, opportunities are expected to expand in manifolds in the industry. Cryptocurrency, Blockchain technology, Artificial Intelligence, Fintech, and Machine Learning are a few areas that will receive a significant demand.
Sectors That Will Remain Unscathed From COVID-19 Hit
We all know that as a result of the COVID-19 crisis., the world economy has stalled. Not just this, it has also pushed the world into a recession phase and business sectors like travel and tourism are facing its impact. But there are a number of sectors that have remained unscathed and continue to be the same even after the crisis. These sectors are:
As the number of COVID-19 cases is continuing to mount, people are practicing social distancing. While staying at home, people are spending more time on the internet. As a result of that, the data consumption has significantly increased leaving the telecom industry unscathed and unharmed from COVID-19 effects. Since the sector is not facing any sort of operational and financial challenge or difficulty, it is expected that the industry will remain the same even after the COVID-19 crisis.
A number of countries have asked their insurers to cover COVID-19 cases in their existing policies. At the present time, life insurers are selling more protection policies than Ulips. In the future also, there will more people buying policies considering the current situation.
Healthcare is one such sector that has been working frontline to fight this global crisis. Since this is the time when the world needs the healthcare industry the most, the demand for the medical sector will be the same post-COVID-19 crisis as well.
What’s The Future of Your Company?
Despite the fact that almost every business is affected by the COVID-19 crisis, there is still the future for the business ahead. Wondering how? Well, here are some recovery plans.
V-shaped recovery is a type of economic recession and recovery that is known to resemble V-shape in charting. It represents the economic measures created by economist while studying recessions and recoveries. It is mainly characterized by a quick and sustained recovery following a sharp economic decline.
W-shaped recovery basically means an economic cycle of recession and recovery. It resembles the letter W in charting. The chart represents several economic measures like employment, industrial output, and GDP, and more. This recovery includes a sharp rise back upward following a sharp decline in the metrics.
An L-shaped recovery is yet another type of recession and recovery which is characterized by a slow recovery following a steep decline in economic recovery. However, it is the most dramatic type of recession and recovery. It is because of the drastic drop in economic growth and in L-Shaped recovery, the economy doesn’t recover for a certain period of time.
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By now, you must have understood that the current situation is certainly not the future. And it also doesn’t mean the time after COVID-19 crises will be the same as pre-COVID-19 time. Yes, your business might get affected, but there will also be a lot of new opportunities for you to grab. On the whole, this entire COVID-19 crisis will not stop the growth of your business. But since, it’s a world pandemic and the global economy will get affected, there will be slow growth of your business for some time.