COVID-19 Impacts on Business Economy Around the World (infographic)

The Pandemic has disrupted the way people live, and has affected the businesses across the world. The economy of businesses has been affected and fallen economies vary in different region depending on how strongly developed the country is.

The World Economic Forum’s 20th Global Competitiveness Report, put out a survey portraying the data on the economic impacts of Covid19 around the world. The survey consisted of 126 economies from 11,866 businesses around the world and was conducted between February 2020 to June 2020. The data focus on the impacts of Covid on the developing economies in comparison to the advanced economies.

The survey was finalized on the data of 2020 compared to the last three years of businesses.

The advanced economies have seen a decline in competition and there has been a reduction in collaborations as well between companies. Also the economy has also affected the jobs of many people, while many lost their jobs during this pandemic, companies are also finding it hard to hire skilled workers.

Advanced economies have seen a decline in competition, one of the main reasons for this reduction in economies could be the excessive use of online platforms. The pandemic has increased the earning percentages of the Ecommerce websites as almost everyone around the world have switched to online shopping to buy things for their use and are avoiding going out. Online Businesses like Amazon has seen a drastic increase in their sales while small businesses are affected.

While Advanced Economies has seen a decline in competition and hiring workers the economy of the developing countries is facing different issues all together.

A few months after the pandemic hit, the developing countries faced a severe downfall in economy due to which some countries experienced a rise in inflation because of which crime rates automatically increased as the lower class struggled to survive. The crime rates in 2018 and 2019 were comparatively lesser and the economy was doing better, but after the pandemic the crime rates have increased in developing countries and the economy is struggling but according to the World Economic Forum this will get better when the Covid stables down a bit.

While some companies faced negative impacts because of Covid a lot of companies have also been impacted in a rather positive way.

In advanced economies, the companies benefitted as governments adapted to the changes that were brought by the pandemic, but the trusts and hope people had from their leaders and politicians had from The companies also participated in a lot of inter collaborations within the companies while external collaborations suffered. One of the main reasons for companies not choosing external collaborations was probably the changes in our lifestyles and they not being able to have meeting physically for signing deals.

The economy has suffered, lives have been lost and we have been quarantined. Let us hope all this ends soon as possible and return back to a mask free world but may we never take even a hand shake for granted again.

H/T: VC.

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