As COVID-19 is still alive and continues to spread around the world, so the socio-economic industries has changed tremendously. Here comes the real challenge, how to overcome the losses and bring back the same condition of industries and market world. It is obviously not an easy task to do, it will take months or may be years to overcome the losses. By implementing long-term and short-term business strategies, we can somehow revamp the situation of the industries. We cannot say that every industry has hardly hit by COVID-19, there are few industries which have sky-rocketed even in COVID-19 and you will be surprise to know that how a bad virus can have a positive impact on few businesses.
The Global Market Impact
Unsurprisingly, the world is taking a hit. In the US, 30 million people were filed for unemployment in just six weeks. It is reported that across the world, uncertainty around COVID-19 is more than 3 times higher than any other pandemic in the last 25 years. This results in lower growth and tighter financial conditions. Especially in those countries where COVID-19 hit harshly.
If we talk about Europe, nonessential services that have been closed by the government for one-third of the region’s output, they remain closed each month means 3% drop in yearly GDP.
Global Foreign direct investment is also declined to 40% in 2020. This could highly damage production and supply chain.
The global market can be recovered on how quickly the international community can stop the spread of the virus and reboot the economies.
Ecommerce Industries
Ecommerce industry is the only one that has a booming impact in COVID-19. In UK, British people turned to online shopping to especially fitness equipment, hobby-related goods, and children’s outdoor play structures to reduce the boredom of quarantine.
Mobile Apps
Usage of mobile app downloads have been increased quickly as people find digital ways to spend their time in COVID-19. They find new ways to get entertained. Google’s global share of Android app sales increased 5% to $360 million. Apple’s share of iPhone app sales raised 18% to $690 million. Voice calling over WhatsApp doubled in volume, and Facebook Messenger had similar progress.
Information technology
Information Technology‘s software like cloud have been increased particularly in the area of Infrastructure as a service. Research firm’s overall global IT spend declined up to 2.7 % this year. Overall IT infrastructure spending will increase by 5.3%.
The overall world has moved to the concept of digital era, as a greater number of websites are developed and new E-commerce businesses are taken birth. That happens and with time, the IT sector is increasing. So, no worries with the IT
Challenges of COVID-driven growth
People are getting more into social media connection and entertainment. So the spread of inaccurate information about COVID-19 is also increasing. Internet companies and the video streaming channels like YouTube, Netflix, Amazon Prime, Facebook and Disney are high in demand in COVID-19.
Impact On Forex Market
The Covid has directly affected the forex market in the start, but within time, the people started to invest again to make sure the forex market boom once for all. The Top Forex Brokers in Pakistan have a deep insight and eye over the positive trend in Forex Market during the Corona.
As more people are likely to invest in the Forex Market as the lock down has totally controlled the entire world. There is no other option instead to go global, or to work digitally. The trend in crypto Dubai and other Gulf states has been increased with the new brokers coming online, seeking jobs and new investors are there for the shift.
So, the market is at down side, right after the COVID happens, but with time, the overall forex world has seen a boost, as there is a great increase in the numbers of investors.
Dubai offers an attractive ROI
One of the best and main reasons that Dubai is the best investment spot in the whole world, Dubai offers the best high return on investment. Normally, the yearly return on investment for apartment in Dubai was 7 percent while for villas it was 5 percent. If we dig out the results, a real estate investor can easily recover the full investment in 12 to 13 years with 8 percent annual rate of return. Moreover the real estate market in Dubai is tax-free. It means property owners do not have to pay taxes for property. Dubai has low crime rate so it’s the safest cities in the world to invest. Dubai is also known for top-notch infrastructure, the high quality architecture designs and interiors will blow your mind away. They always work for massive improvement in development and infrastructure, so one cannot take his eyes off from the amazing buildings of Dubai. Burj Khalifa is one of the best examples of amazing buildings of Dubai.
Final thought
Few industries have sky rocketed even in COVID-19 like internet, social media and video streaming and online shopping. But few are highly effected by COVID-19 that we don’t even think to recover those industries in less than 6 months or a year. Consumers will have to adopt business strategies to overcome the losses and bad business situations.