COVID-19 has caused serious financial instabilities worldwide affecting everyone from organizations to common people. It has also damaged world trade and global supply chain because of the lockdown and consumers are more focused on essentials and spend only on focused products and does not buy on impulse as most of them have lesser income and some have no income at all.
Global food supply chain is hit hard as transportation of goods during these times is difficult because of the current scenario. But smaller grocers are successful in maintaining their stock from local sources. Manufacturing experts say that smaller supply chains would survive and even thrive in times like these as it would be harder for larger supply chain to manage their tasks on a global scale as the restriction of businesses and their working would be controlled in a situation like these by the government and the conditions for the functioning of the said business would be different with different countries respectively.
Many governments have announced relief packages to ward away imminent economic collapse of economies.But they are very less comparing to the most valued customers and suppliers of the business who would have forgotten them even if they were to pick themselves up after the pandemic situation has passed.
The global supply chain has serious flaws which was high lightened during this period of crisis. There has been a shortage of medicines and medical protective equipment even for health workers as those are of a global demand now.
COVID-19 has hit retailers really hard as most of the people stay indoors and have started new trends. People have started to buy most things online even groceries and mostly buy products that are only needed.
Even during these pandemic times there are pressure on the governments everywhere from businesses to reopen economies however it would increase the rate of infection which would result in more quarantines and lockdown.
Coronavirus has increased the pace of the already arriving financial crisis. Experts say that the coming crisis would be greater than the global financial crisis of 2008.