“Road to Recovery”
The lockdown has caused another great depression to happen. The world’s economy is suffering. Almost every industry took a huge blow and stock markets are rock bottom.
The reopening of businesses and suggested solutions
Since the beginning of June and many governments are implementing their reopening plans trying to recover their losses and make people feel secure again, but the road won’t be easy, and the damage might persist for a long time especially to huge economies around the world.
SARS-CoV-2, the official name given to the novel coronavirus, has caused irreversible change to the world economy. Even with the hope of finding a vaccine, many countries will continue to suffer economic depression for at least a year to come. Customers around the world are expressing their anxiety of leaving their safe home environment to go out to the infected world which would force many businesses worldwide to close multiple stores. 4,500 retail shops have closed their doors permanently since the beginning of 2020 until now, and the number is predicted to increase to up to 15,000 stores closing worldwide. Those numbers are frightening to small business owners. Their chances of survival, that weren’t huge from the start, are thinning out which is forcing many of them to rethink their business ideas or completely shutdown their business. Many of them already chose to close down their business permanently to find a more stable daylight job that the government would provide for. For Governments worldwide, the fact that small businesses are shrinking is causing huge concern because the economy of many countries depends on small and medium businesses like restaurants and clothes shops. All of that is the reason why many governments are giving close attention to their reopening plans, while trying to keep in mind the concerns of their nations.
In this article of our Covid-19 series, we will discuss government re-opening plans, some of the solutions imposed by certain governments, and RewardLion’s team advice to aspiring and small business owners in this current situation.
The world is adapting to the reopening plans differently. Every country has its own measures implemented according to the number of cases and their financial state. Many of those responses are directed towards schools, companies, and small businesses, as well as crowded places and transportation precautions.