7 Businesses That Will Boom After This Pandemic
Throughout history, more billionaires and millionaires have been made after the recession and economic collapse than at any other time. How do you benefit from this time?
This year the global economy will likely suffer its worst financial crisis since the Great Depression due to the Covid-19 pandemic, says the International Monetary Fund.
The World Trade Organization also said that global trade will contract by between 13% and 32% this year. The Organization for Economic Cooperation and Development also warned that the economic blow to the virus will remain felt “for a long time to come.” Nobody knows when the coronavirus pandemic will end and economic activities will return to normal. But even as uncertainty spreads, life-changing opportunities will hop their heads.
Throughout history, events such as economic recessions and pandemics have altered the course of governments, economies, and companies. The Black Death of the 13th century AD shattered the entrenched feudal system in Europe and replaced it with a more modern contract of labor.
The SARS pandemic of 2002-2004 spurred the rapid growth of small businesses like Alibaba and helped put them at the forefront of retail trade in Asia. This growth was driven by underlying anxiety around travel and human contact, similar to what we see today with Covid-19.
The financial crises of 2008 had their own devastating side effects. Airbnb and Uber rose in popularity across the West as crises forced people to share assets in the form of spare rooms and rides in cars in order to cover the deficit.
With Covid-19, we are already seeing early signs of a shift in consumer and business behavior. Telework is being encouraged by technical and non-tech companies alike, supply chains are disrupted globally, and retail stores are running out of ibuprofen, dry goods, and toilet paper en masse.
Some of these changes are direct and short-term responses to crises and will return to normal levels once Covid-19 is contained. However, some of these shifts will continue, creating a long-term disruption that will reshape the business for decades to come.
While it is crucial to focus on eliminating the health risks posed by the outbreak, you need to keep your eyes on what lies ahead after this pandemic as this global pandemic will shape businesses for decades to come. Here are 7 companies that will thrive after the Coronavirus pandemic.
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