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Industries Hit Hard by COVID-19

 

With coronavirus infecting thousands of people every day, the whole world is staring at a possible economic collapse. Millions of people around the world have already been relieved from their duties as companies continue to close doors due to low consumption and increase infections. However, not all sectors are not hit the same as some of them have to operate to meet essential needs. Here are some of the hardest-hit industries around the world.

 

1. Property Management Industry

The property management industry is facing elevated uncertainty due to a growing number of tenants being unable to pay rent. Furthermore, there are very few people interested in renting new homes as the focus has turned to the health and wellbeing of families. However, the industry is not totally out of the market. Leading Austin property management companies and those in other cities are adapting to the economic realities of the current situation. They’re working with investors to develop strategies for dealing with the drop in income caused by mass unemployment.

 

2. Leisure and Hospitality Industry

With millions of people staying at home, the hospitality sector is losing billions of revenues every day. Millions of workers have already been laid off, as there are no customers to serve. By order of government, restaurants, bars, and food joints have been closed as they are possible areas where people can contract and spread diseases due to the large gatherings. However, restaurants have been allowed to offer limited services such as home delivery and carryout services, which means they are partially operating.

 

3. Transportation and Warehousing Industry

The transportation industry stands out as one of the largest industries in the world. The sector transports people and goods within countries and overseas. Although the transportation of products continues to operate, the industry has been severely affected due to limited demand. Transportation of food and medical supplies is the only area that remains relevant at the moment. However, in most countries, transportation of people has been brought into a halt as people have been ordered to stay in their homes and avoid outdoor activities.

 

4. Tourism and International Travel

Locally, tourism has evaporated as most countries focus on having the most minimum number of people in outdoor places. Coastal beaches and other warm-weather attraction sites are empty due to strict measures controlling the industry. International tourism cannot take place as most of the countries have closed their borders, and they are not allowing international flights or people from other countries. Tourism and the global travel industry will continue to be the most hit industry as countries will continue to be cautious about foreigners for the whole of 2020.

 

5. Film and Movie Theater Industry

Just like tourism and international travel, the film and movie industry is another sector that has been severely hit by the outbreak of COVID-19. No country around the world is allowing people to gather in movie theatres for entertainment. Such facilities have been closed indefinitely, and millions of people have already lost their jobs. Owners of movie theatres will continue to experience economic strains as the governments are not likely to allow large gatherings for the next few months, which will spell disaster for one of the entertainment segments.

The impacts of COVID-19 continue to be felt in different industries where companies are closing every day. Many sectors have been hit hard, and it will take time for them to recover after the current situation. Some industries are partially operating, but their sustainability is likely to experience severe strain in the next few months.

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