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The unprecedented pandemic was a strong blow to already shaky businesses.

The COVID-19 pandemic has shaken up everyone living on planet Earth. It was a medical emergency at first glance but as the passage of time passed, we realized that it has brought with itself bigger and more dangerous challenges than just that of health.

In various parts of the world, the pandemic coincided with burning issues that directly affected the lives of people. In India, for example, one of the first cases of Corona Virus emerged in the midst of nation-wide protests against a government decision and a staggering economy.

Before the infamous Corona Virus, the automobile sector experienced a sharp slump in demand, informal sector faced the heat of low disposable income and businesses all over the country battled an economic crisis. The COVID-19 was a strong blow of wind to an already shaking boat.

Major businesses, small and large, who were in a state of distress have aggravated to complete bankruptcy.

Economic Quarantine

According to NitiAyog, 85% of India’s population is employed in the informal sector and 700 million people survive on daily wages. This class of people were the most affected when they were expected to sit at homes, do nothing and rely on savings.

Since the middle of March, more than 26 million people in the United States of America have filed for unemployment. The depressing statistics make the forecasters predict growth to contract 30% or more in the coming months.

Major economies are facing the heat of an unprecedented medical emergency. The Chinese economy shrank by 6.8% while Germany experienced a record-breaking 6.3% shrink this year.

The Way Forward

American politician Rahm Emanuel put it aptlyas he said,

“You never let a serious crisis go to waste. And what I mean by that it’s an opportunity to do things you think you could not do before.”

When people are forced to halt commercial activities and sit at home, it is the best time for new innovations and breakthrough ideas to come to being.

The next decade is expected to see a lifestyle change, a shift from the conventional ways of doing things and a large-scale business revolution courtesy the Corona Virus.

This crisis could turn into opportunities for many if the government commits to supporting people and upcoming businesses. Over 95% of the countries that went into complete lock-down have to adopt extreme and aggressive policies to come out of this economic crisis.

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