It is not the first time that a pandemic took over the world. But this time CoVID-19, has hit hard almost the whole globe. The pandemic is still spreading at a pace that is almost hard to understand. It has made massive changes in various fields. Researches show that the earth is getting way less polluted than before. People spend more quality time with their families and loved ones. People are dying around the world regardless of their gender, race or social class. The pandemic has taken over even the most powerful countries. Among all of these rapid changes that are happening, I feel that the financial and economic crisis is becoming the most significant factor that many would look into even though they are almost helpless about it!
Due to the speedy spread of the pandemic, authorities have taken precautionary steps to control it in every possible way. Even the well-equipped and developed countries such as China, the United States, and Italy have failed to seize the spread or the consequences of the disease. To further safeguard the rest of the community, “Lock downs” are being implemented around the globe. Some countries have their cities locked down for several weeks. Though this method can be considered as somewhat effective in controlling this deadly disease to a certain extent its impact on businesses and economy is massive.
This lock down period is a matter of “Surviving” for most of the people. Therefore, they find essentials for living. This directly affects minor start-up businesses, and this is where the financial crisis begins. The peak performed businesses such as gyms and salons that were daily needed services have drastically fallen into a major crisis as businesses and as individuals. Though they weren’t essential services, they were a part of the daily routine of many. As of for now what people find are essentials for living. All these have led to dysfunction of most of the businesses and daily habitual services.