Throughout history more billionaires and millionaires are made after a recession and economic crash than any other time. So how do you take advantage of this time? The global economy will this year likely suffer the 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. Also the OECD has warned the economic hit from the virus will be felt “for a long time to come.” No one knows when the corona virus pandemic will end for economic activities to return to normal. But even as uncertainty abounds, life changing opportunities will rear their heads.
Throughout history, events such as economic recessions and pandemics have changed the trajectory of governments, economies and businesses. The Black Death in the 1300s broke the long-ingrained feudal system in Europe and replaced it with the more modern employment contract.
The SARS pandemic of 2002-2004 catalyzed the meteoric growth of small companies like Ali Baba and helped establish it at the forefront of retail in Asia. This growth was fueled by underlying anxiety around traveling and human contact, similar to what we see today with Covid-19.
The financial crises of 2008 also produced its own disruptive side effects. Airbnb and Uber shot up in popularity across the west as the crises forced people to share assets in the form of spare rooms and car rides in order to cover for the deficit.
With Covid-19, we are already seeing early signs of a shift in how consumers and businesses behave. Remote working is being encouraged by tech and non-tech companies alike, supply chains are getting disrupted globally and retail stores are running out of ibuprofen, dry goods and toilet paper en masse.
Some of these changes are direct, short-term responses to the crises and will revert to regular levels once Covid-19 is contained. However, some of these shifts will continue on, creating a long-term disruption that will reshape businesses for decades to come.
While it’s more important to focus on getting out of the health risks posed by the outbreak, you need to keep your eyes on what lies ahead after this pandemic because this global pandemic will shape businesses for decades to come. Here are 7 businesses that will boom after the corona virus pandemic.
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