COVID-19 INSIGHTS: ISSUE 3️
🔊Revisiting the economic impact of lockdown on Businesses and Young People 🧑🎓
The recurring lockdowns placed immense pressure on businesses as most were forced to shut down or reduce operations in order to maintain social distancing and contain the spread of COVID-19 between 2020 and 2021📉
Despite the fact that restrictions have eased, and economic activity is steadily rising 📈, the future of businesses is yet uncertain given the end of support schemes like the Trade Reinsurance Scheme which places further strain on the retail industry 🛍️. Constrained activity in such sectors is likely to have unpleasant consequences for employment. Young people 🧑🎓unfortunately are highly vulnerable as they are concentrated in sectors most affected by the pandemic.
However, sectors that relied on technology such as e-commerce soared during COVID-19. Businesses seeking similar success have shifted their focus to digital transformation 🖱️. New research from the IBM Institute for Business Value suggests that less than 20% of surveyed executives considered digital transformation a top priority in 2018. This value is estimated to increase to 62% by 2022. This confirms the sense of urgency COVID-19 has created surrounding a digital and data-driven future.
Given the current and expected future events surrounding the pandemic, young people need to be informed of the possible outcomes, in order to prepare and capitalise on the opportunities offered by these businesses and sectors. Our report therefore re-examines the specific impacts of COVID-19 on businesses, key sectors, the support provided for their financial stability and the implications for young people as the economy recovers. Enjoy😎
Comments