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These Industries Are Struggling Now But Have Potential In Future

Some of the industries have struggled a lot following the outbreak of coronavirus but are on the verge of a comeback

The coronavirus pandemic has adversely affected the livelihood of people and disrupted the successful business models of several industries. Coupled with struggles in supply chains, many business establishments faced bankruptcy while some business houses are on the verge of closure.

At the same time, many industries have adopted the new work from the home procedure and migrated themselves to the new technological innovations. They showed the aptitude for reinventing and redesigning their business to recover from the crisis.

Considering the importance of health following the pandemic, pharmaceutical companies and hospitals staged a smart recovery and have started making good financial results. On the other hand, airlines and hospitality industries faced a tough time and they are on the verge of recovery now.

The situation of Covid will determine the speed at which some industries could make a comeback now. If the pandemic scare can be controlled with vaccination and extra care, all the industries can look forward to normalcy at least next year. Let’s take a look at some of the industries that struggled recently and their chances of recovery in the upcoming year.

Struggling airlines

One of the worst affected industries was the airline sector. People had to sit at home for work for a longer period due to the coronavirus scare and strict lockdown measures adopted by some countries. People were scared to travel, fearing the chances of being affected by the virus. Some countries have stopped air travel altogether, leaving the industry in the doldrums. In 2020, Lufthansa idled 700 of its 763 aircraft, while 30,000 of the workers of Qantas were forced to take paid or unpaid leave.

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On March 27, 2020, the U.S.’s coronavirus aid package provided $58 billion to the American airline industry. The bill protected airline employee jobs through Sept. 30. However, the situation changed dramatically now despite the threat of the omicron variant. People have started international travel and business tours are getting back to normalcy. All these are positive signs for the industry.

Auto manufacturing

All major auto manufacturers including Ford, General Motors, Fiat Chrysler, Honda, Toyota, Nissan and Hyundai had to shut down their manufacturing plants following the rapid spread of the coronavirus in several countries. The closing of Ford, General Motors and Fiat Chrysler’s Detroit facilities affected 150,000 workers. The slowdown in demand for cars has also adversely affected the automobile industry.

Construction

An industry that is providing a lot of jobs to workers has also struggled to recover from the ill effects of coronavirus. The shutdown of the production of construction materials in China has adversely affected the global scenario. Many investors have postponed their plans to restart construction, affecting millions of jobs in the industry.

Cruises

All the major cruise lines have stopped operations following the closure of ports in several countries, affecting the jobs of thousands of workers. However, there are strong indications that the industry is on the verge of a strong comeback following the interest shown by several travellers to resume tourism activities.

Film and TV Production

Another major industry that faced difficulties during last year was the film sector. A lot of major networks and film studios have put a halt to production following the coronavirus outbreak. Netflix, Warner Bros., Disney +, Apple TV +, CBS, AMC and Viacom have all stopped production for a longer period. However, the future prospects are bright for the industry as the demand for a variety of content for OTT platforms has rescued many networks from bankruptcy. With the reopening of movie theatres, people have started coming back to watch movies on big screens as they are fed up of watching movies from home only.

Future is bright

Though all the above-mentioned industries have struggled a lot, especially during the initial part of the coronavirus, almost all sectors have bounced back brilliantly this year. They showed that perseverance is a major factor for survival in any sector. Though the news of the omicron variant has put fears back on the mind of several businessmen, the situation is under control in many nations. If the governments can control the new variant effectively in the new year as well, all these industries have the potential to make good profits this year itself.

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