It was in December 2019 when the disastrous COVID-19 was first discovered and since then different variants of the same virus have turned industries upside down. The upswing of the roaring cases, looming lockdowns resulted in deep losses and closures and none of the industries were left spared.
The rough patches and the dwindling amount of resources have pushed industries to the bottom down and these swirls of the winds of different variants with the most recent one Omicron has put the industry experts in jeopardy and most notably it again augmented the need to assess the impact of COVID-19 on five of the most heavily impacted industry and how the future holds as we continue to tranquilize steps in the hope of reparations.
COVID-19 and the Health Sector
This pandemic has demonstrated how weaknesses in health systems can significantly affect health, economic progress, trust in government, and social cohesion. The healthcare sector, which is equivalent to 10% of global GDP faced brunt overburdening and difficulties in recruiting, deploying, retaining, and protecting adequately trained, well-supported, and motivated health workers due to the COVID-19 crisis.
COVID-19 inspired unprecedented collaboration between organizations, industries, and governments, demonstrating the value of partnerships in delivering new solutions and generating improved outcomes. Amongst the most noticeable health and wellness market trends were the growing emphasis on the need for sustainable investments in health systems, including training and equipment for health workers as well as decent working conditions, especially in relation to personal protective equipment. It is of significant importance to build a resilient health system, in which the social dialogue is expected to play a vital role both during times of crisis and for building an environment that is ready for an emergency.
COVID and the Tourism & Hospitality Sector
Tourism is intertwined with the hospitality sector. and this sector was left decimated after the first wave of devastation and with the emergence of second and third wave this sector is salvaging resources and mustering up the strength to hold on its feet back, the tourism and travel industry, which employs millions of people worldwide, will rebound once it starts gaining support from its network industries such as aviation, As nearly 10.4% of the global GDP comes from the tourism sector, which includes hotels, homestays, holiday homes, motels, etc.
The second wave of restrictions has again crippled the tourism sector, which was still struggling to recover from the initial losses businesses suffered in 2020. A lot of smaller businesses may not be able to resume business once the second wave subsides. The rise in unemployment is likely to have a devastating impact on household incomes.
COVID and the Aviation Sector
Air travel accounts for 3.6% of global GDP, and the sector, along with other travel-related establishments, was hit hard during the first wave of the pandemic. During the second and third waves, the situation is slowly deteriorating as restrictions continue to rise. Air travel has been reduced by 50 percent over the past few weeks, according to reports. The fact that people are afraid to leave their houses shows that the larger travel sector is also suffering. It is expected that the Aviation sector. The congruence of vendors and buyers along with the support from the governments in the aviation sector will determine the fate of this industry.
COVID and the Automobile Sector
Globally, carmakers are once again under pressure from falling sales. In the wake of the COVID 19 epidemic, humanity has been thrust into a disaster. The governments of all countries have imposed a nationwide lockdown in an effort to combat this pandemic. The lockdown may have contributed to limiting the spread of the disease, but it has severely affected the country, upsetting entire value chains in the most important industries. All aspects of the industry have been negatively impacted by the outbreak, including the automobile industry, with major manufacturers either closing completely in response to orders from local governments or operating with the fewest employees possible to maintain their personnel security.
Over the past 12-18 months, the automobile sector faced significant delays caused by structural changes in goods and services tax, axle load reforms, the shift to shared mobility, and liquidity crunch, among other issues. The sector has essentially been at an idle status since 24 March due to COVID‐19's lockdown. Automakers have been greatly distressed by the truncated customer demand due to the lockdown. In many companies, research and development (R&D) is lacking so they are unable to maintain core functions and are unable to regain their previous growth from mobility technologies and alternative fuels.
COVID and the Construction Sector
Coronavirus outbreaks (COVID-19) impacted the construction severely, delaying new projects, leaving financial scars on industrial establishments and infrastructure companies with a record 3.1% fall in the construction output.
Construction organizations around the world have laid off staff who have been affected by the economic crisis caused by the virus. The COVID-19 pandemic has also adversely affected construction and engineering projects around the world, resulting in many projects being halted. As a result, there has been an economic recession in nearly all countries and there is unemployment. Due to COVID-19's link to economic cycles, the construction industry was affected. Construction is, however, capable of helping the economy recover by creating jobs, and at the same time, efforts to promote sustainability and digitalization can support the sector's growth.
In the conclusion of this study, the emergence of the next normal is expected to impact the industries profoundly with industries expecting a high level of collaboration between different stakeholders and to win in this situation we must embrace the changes and should try and build a resilient system which can withstand the disruptions and act systematically to minimize foul moves.