Just when the entire world was ready to set foot into a new decade after 2019, the coronavirus pandemic hit the floor and took everyone by surprise. When it happened, it wasn’t just the health sector that ended up facing a lot of pressure but all the sectors ended up facing it. There wasn’t a single sector that was safe from the impact of the coronavirus, which ended up taking the lives of millions.
Dr. Israel Figa’s Views about the Pandemic and Economy
Being a doctor by profession, Dr. Israel Figa knows really well as to how much medical and economic devastation has been caused by the coronavirus pandemic. Shockingly, the countries that are considered to be the most developed in any aspect are the ones that were hit the most by the pandemic. As per Dr. Israel Figa, while all sectors from around the world have been impacted by the pandemic, there are some businesses that have been impacted the most due to the onslaught of coronavirus. Therefore, Dr. Israel Figa has talked about the impacts and where they currently stand in the current times.
According to Dr. Israel Figa, the sector that has been affected by pandemic the most is the aviation sector. As the coronavirus was announced as a pandemic all over the world in March 2020, the entire world went under strict lockdowns. The first thing that every country did was put restrictions on airlines so there would be no planes flying in or outside of the country or even cities in most cases. This resulted in a huge domestic as well as international level loss to the airlines. Many airlines are still coping with the losses and the impact that has been exerted by the pandemic on travel bans. It was reported that in April 2020 alone, the international travelling fell by 98 percent and the domestic travelling fell by 92 percent. The stats reveal that in 2019, the overall number of passengers using the airlines was 4.5 billion. However, in 2020, the total number of passengers using the airlines had dropped down to 1.8 billion. Overall, the Airlines industry ended up facing a total loss of around $500 billion in the year 2020 alone.
As per Dr. Israel Figa, another sector that has faced a lot of loss to its revenue is the eatery business. As the pandemic hit the world, lockdowns and curfews were imposed all over the world. This resulted in the restaurants, food services, and hotels to face a huge loss. Since the pandemic hit the world, many restaurants have been closed permanently as they were not able to handle the pressure and not able to cope with the losses they incurred during the pandemic. The only factor that kept other restaurants going amid the pandemic was the delivery service that allowed the restaurants and fast-food chains to keep their operations running to an extent where they could survive until the situation came under control a bit. According to stats, only in the United States of America, more than 115,000 restaurants shutdown either on temporary basis or permanent. Another impact that came as a side-product was that more than 2.5 million people working at the restaurants in the U.S ended up losing their jobs. As per the National Restaurant Association in U.S. the total sales expected for the eatery business expected in 2020 was $899 billion. However, the business took a huge hit and only $240 billion were generated for the said year.
Another industry that has been affected very badly by the pandemic is the entertainment/theater sector. Due to the lockdowns and the COVID-19 SOPs coming into play, the entire world was expected to adhere to the social distancing policies. This resulted in the theaters shutting down on a very long terms. Even today, theaters in many countries are closed for an indefinite amount of time and as the third wave of pandemic is upon the world, it seems that the theaters would still remain closed on a larger scale. As there were no movie theaters opening up around the world, the productions did not want to release them at all in the year 2020. This is the reason why the entertainment industry ended up losing billions in the year 2020 as they waited for the cinemas to re-open so they could launch their movies and start generating revenue.
At the end, another sector that ended up facing huge loss is the sports sector. No matter physical or electronic, the entire sports sector took a huge blow because of the pandemic. Due to the lockdowns and social distancing SOPs, stadiums and sports centers were closed and same was the case with gaming arenas. For a particular amount of time, the entire sports sector was closed until the conditions got a bit normal and under control. Some of the sports sector that faced the highest amount of losses were football, baseball, basketball, cricket, and many more. These are the sports that are viewed by thousands of viewers from the stadiums in a single go. However, as the pandemic hit, the stadiums were closed in accordance with the social distancing and other COVID-19 safety measurements.
Travelling and Tourism are somewhat similar and proportional to the aviation sector. But the tourism sector tends to bring in so much revenue for some countries that it is given a separate place in the revenue sectors. Due to mass-lockdowns, travel bans, and social distancing SOP(s), even the tourist spots had to be closed. Therefore, the tourism sector ended up incurring a huge loss due to the pandemic situation. There are countries such as USA, France, Thailand, Spain, and Italy that generate huge revenues from the tourism sector. However, as the pandemic hit the world, people had to adhere to the SOP(s) and thus, the industry incurred a huge loss. Even now when the situation has gotten a lot better since the vaccines came out, people are still afraid to travel outside of their comfort zones and it is still costing a lot to the tourism sector.