Since the global pandemic of COVID-19 has destructed the markets and businesses in ways beyond our imagination, surprisingly, the pandemic has also boosted several businesses that flourished incredibly in 2020. However, the infographic highlights the negative and positive shifts in the businesses from February 2020 to July 2020. The data is collected from the responses by more than 11,000 business executives across nearly 126 economies.
The negative impacts of COVID-19
As per the responses by advanced economies, the businesses have seen a massive decline in the competition; moreover, the collaboration among different companies was also reduced. The reason for declined competition is believed to be the use of online platforms. Since e-commerce has dominated the entire pandemic, only the trusted and renowned brands perceived a boost in consumers. In comparison, small businesses have been struggling.
On the other hand, the developing economies faced troubles like increased crime and governance problems.
The positive impacts of COVID-19
Despite the COVID-19 damages to the world’s economy, some businesses were lucky enough to develop and flourish more. In the advanced economies, government responsiveness to change and internal collaboration within the companies are the top positive impacts of the global pandemic. It is very interesting yet surprising how internal collaboration increased while external collaboration declined. This could be possibly because every firm had to cope with the changing situation and collaborate through remote working.
The impacts of COVID-19 on developing economies were almost similar to those on emerging economies.
The COVID-19 impacts on businesses varied between the emerging and developed; for a detailed insight, check the infographic.
The negative impacts of COVID-19
As per the responses by advanced economies, the businesses have seen a massive decline in the competition; moreover, the collaboration among different companies was also reduced. The reason for declined competition is believed to be the use of online platforms. Since e-commerce has dominated the entire pandemic, only the trusted and renowned brands perceived a boost in consumers. In comparison, small businesses have been struggling.
On the other hand, the developing economies faced troubles like increased crime and governance problems.
The positive impacts of COVID-19
Despite the COVID-19 damages to the world’s economy, some businesses were lucky enough to develop and flourish more. In the advanced economies, government responsiveness to change and internal collaboration within the companies are the top positive impacts of the global pandemic. It is very interesting yet surprising how internal collaboration increased while external collaboration declined. This could be possibly because every firm had to cope with the changing situation and collaborate through remote working.
The impacts of COVID-19 on developing economies were almost similar to those on emerging economies.
The COVID-19 impacts on businesses varied between the emerging and developed; for a detailed insight, check the infographic.
Infographic by: Visualcapitalist.com
