By Vidura Prabath
COVID 19 continues to take its toll on almost all the industries. Its impact expands across developing countries as well as developed countries without taking political prowess, armed powers, population or any other factor into consideration. Conversely, developing countries, if they had been affected the way some developed countries have, the impact could be devastating. The industries which accounted for huge growth in FY19 are expected to recede this year having had to face the unforeseen circumstances. These also have a say with the preventive measures taken by government authorities, boarder restrictions, travel bans, export bans and economic collapses. There are industries that were affected adversely due to the repercussions of COVID 19. Let’s take a look at few of those industries and the impact of COVID 19 on them.
Travel and Tourism Industry
Travel and Tourism is an industry many people and companies are heavily relying on. COVID 19 has ripped apart the industry and from now on, it is expected to experience drastic declines particularly with travel restrictions likely to continue much longer. Airlines are cutting flights and many are not flying during the outbreak. As of now, almost every country and territory have imposed travel bans in light of COVID 19 prevention. Travel agencies, tour operators will experience a sharp decline in sales. It would take some time, if not the longest time in terms of all the industries for a possible recovery.
Tech Industry
Another preventive measure imposed by some countries including Sri Lanka is the export ban on non-essential products. It directly affects the vast developing tech industry which was on a massive roll in 2019 and nearby years. New innovations like AI, AR, VR, Big data, Quantum Computing, Blockchain had come to the fore and 5G was on the verge of disrupting the whole world. Now with COVID 19 taking the center-stage, innovators are resorting to hold their new solutions largely due to market fears. Mass production of tech devices and supply chains are also experiencing major setbacks. China is the main supplier to technology companies around the world and its manufacturers who have been impacted by COVID 19 are failing to deliver as before, thereby impacting various tech businesses.
Retail Industry
Shopping malls and retail centers are temporarily shut down in order to prevent any social gathering. With Curfew being imposed, the government is encouraging social distancing and trying every possible means to mitigate the impact of the virus. Sales campaigns and promotions can no longer be seen even though festive season is approaching. Retailers will find this situation hard to digest with inevitable decline in sales.
Sports and Entertainment
There is hardly any new sporting event or entertainment event being organized at the moment. Major events including the World Olympic Games and Indian Premier League are being postponed. Local sports and entertainment events are also being cancelled or postponed until this situation turns into normalcy. At the raw stages of the outbreak, some sports were played without spectator engagement, but as the situation turned worse, the authorities had to cancel those as well and it is understandable. It is only after the Second World War, the whole world is experiencing this sort of cancellation in sporting or entertainment events.
Let’s hope for a turn around
Safety of human being is the talking point right now and all the measures taken or had to be taken boil down to one thing: eradication of COVID 19. So everyone has to adhere to the policy changes and prevention measures taken by the authorities. It is up to people to decide the pace of the recovery from this dire situation. It depends on how people abide by the rules and regulations and act wisely until any positive news appears. If people around the world focus more attention to their personal well-being and also the wellbeing of others around them, they can contribute to the fight against COVID 19 and save the human-kind.
