The Corona Pandemic impacted many sectors in the community. Travel ban had been imposed and have caused a domino effect in our economy. Companies who hire workers from abroad like various construction companies have had to strategize or totally stop projects like building remedial. In this post, let’s take a look at the top businesses that had been greatly impacted by the imposed travel ban.
Companies with international production and supply chains (ie, building remediation, manufacturing outsourcing)
This leads directly to the first economic area that is particularly hard hit by the Corona crisis. These are sectors and companies that are dependent on international supply chains or have an international production process. Many companies in the manufacturing industry have such a property. From the automotive industry to mechanical engineering to the steel company, there are international dependencies that are now sensitive to government measures in various countries.
The delivery and production process is clearly disrupted, important preliminary products or raw materials do not reach the production site or only with a delay. At the same time, these sectors are not infrequently affected by a sharp drop in demand, for example when people no longer (can) buy vehicles or need less petrol. In this context, large parts of the logistics industry are also affected by the disruption of the supply chains. One example here is cargo aviation and shipping, as well as the international hubs for goods traffic such as ports and airports.
Due to the prevailing global travel warning and the significant restrictions in travel, the tourism industry is also severely affected by the corona pandemic. In addition to tour operators and the hotel industry, this also applies to aviation and shipping. Aviation in particular is therefore doubly affected, as there is limited freight as well as limited passenger traffic. Other companies and sectors are also dependent on tourism – from boat rentals to ice cream parlors on the beach.
You can also read our detailed article on this: Consequences of the Corona crisis for the tourism and hotel industry
Trade fairs and events
The impossibility of gathering many people in one place continues to affect trade fairs and events particularly strongly. Here, too, the complete suspension of all business activities actually applies. In addition to the trade fair and event organizers, this also directly affects related industries and companies such as stand builders, event managers and self-employed and freelancers who are active at such events.
The latter becomes even clearer if you look at the arts, culture and sports. Sports organizers, professional athletes as well as freelance artists and cultural workers can no longer generate sales due to the compulsory closure of sports facilities, theaters, cinemas, concert halls and other locations. And as in the catering trade, the lost income can no longer be made up.
The government has not turned a blind eye on this. Funds and other financial help to many workers and businesses who were greatly impacted were offered.