In the wake of COVID-19 and associated lockdowns, businesses in both the oil and gas industry and the recreation industry saw a ** percent reduction in revenues when comparing the revenues generated between ********** to ********** with revenues generated between ********** to **********. The top performing industries during the same time period can be accessed here.

The impact of coronavirus COVID-19 outbreak with a prolonged shutdown of business operation could be devastating on China's economy. Recreation industry was estimated to suffer the most with a drop by *** percentage points form the baseline of no virus outbreak. Transportation, trade and communication services were other hard-hit industries.

As governments around the world implemented social isolation measures to slow the spread of COVID-19, Australia had just weathered its worst bushfire season in living memory. Many businesses had already suffered losses due to the fires, however the tourism and accommodation industries in New South Wales and Victoria were among the hardest hit. Yet the coronavirus would prove even more devastating to tourism as well as the arts, entertainment and retail industries.

Impact on the economy

The 2019/2020 summer bushfire season left a gap in the balance sheets of many Australian businesses. However, this was nothing compared to the impact social isolation and mass closures of public facilities, restaurants, and venues would have on the Australian economy. Over 65 percent of businesses reported a reduction in cash flow in March 2020 and almost 30 percent had their supply chains disrupted. On the other end of the spectrum some businesses recorded an increase in demand for their services, particularly in the area of online sales, homewares and food delivery.

Employment

In an effort to maintain jobs, the Australian government introduced the JobKeeper wage subsidy, which was paid to businesses who maintained their workforce during the COVID-19 crisis. Surprisingly, it was not the arts, retail or hospitality industries that dominated applications for the subsidy scheme, but rather the construction industry. Despite government help hundreds of thousands of jobs were lost or stood down during the coronavirus crisis.

For further information about the coronavirus (COVID-19) pandemic, please visit our dedicated Fact and Figures page.

During an April 2020 survey of media publishers, platforms and programmatic companies in the United States, gauging the impact of the coronavirus outbreak on the future of their business and the ad market, it was found that close to 70 percent of respondents indicated the travel and tourism category to have the greatest negative impact compared to their original plan for 2020. The second hardest hit category was brick and mortar retail stores.

Apart from direct health impact of the Covid-19 pandemic, the crisis and measures to combat it have hit the economy hard. In Myanmar, as part of the Myanmar Business Environment Index (MBEI) project, The Asia Foundation conducted a survey of 750 businesses to see what kind of impact Covid-19 is having on them. The crisis has impacted business operations, sales, profitability, and cash flow. Survey results indicate the virus has put business survival at risk; how businesses have responded by laying off employees, taking out loans, or applying measures to protect their employees and customers; and how businesses have thus far benefited from government support. Additionally, the study looks at the impact of Covid-19 on key aspects of the business environment including electricity, internet, and crime. The report includes a summary of findings from the survey as well as statistical tables of the results.

According to a March 2021 survey conducted in the United Kingdom (UK), UK retailers in the fuel and textile clothing and footwear sectors were hit the hardest by the coronavirus pandemic. About ** percent of fuel retail businesses stated they experienced decrease in their business turnover between February 22 and March 7, 2021. Non-store retailers were the least impacted sector in the group as ** percent of these businesses reported their turnover have increased in this time period and a further ** stated that their turnover have not affected by the pandemic.

The Corona crisis (COVID-19) and the accompanying measures are hitting some companies and their employees hard. Against this backdrop, the survey conducted by the opinion research institute Kantar in February 2021 examines the personal situation and working conditions of employed people in Germany in times of Corona. The analysis builds on a survey conducted in May 2020.

The Shuttered Venue Operators Grant (SVOG) program was established by the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act, and amended by the American Rescue Plan Act.

The Shuttered Venue Operators Grant (SVOG) program was established by the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act, and amended by the American Rescue Plan Act.

In 2020, global gross domestic product declined by 6.7 percent as a result of the coronavirus (COVID-19) pandemic outbreak. In Latin America, overall GDP loss amounted to 8.5 percent.

Hotels in Ireland enjoyed sustained demand from both domestic and international consumers in the years before the COVID-19 outbreak. A reduced tax rate has also supported hotels in the years following the financial crisis, which made travelling in Ireland more affordable. This was axed in 2018 before being reintroduced to support tourism during the COVID-19 pandemic. Revenue has dropped at a projected compound annual rate of 1.7% over the five years through 2024 to €4.1 billion, despite a 5.2% hike in 2024. This contraction was down to the COVID-19 outbreak and the imposition of strict restrictions, which decimated the tourism sector for most of 2020 and 2021. Hotels were understandably among the hardest-hit industries early in the pandemic but have enjoyed a robust rebound as restrictions have lifted. International tourist numbers have risen since the second half of 2021, reaching 73% of 2019 levels. At the same time, many Irish residents opted for domestic trips, supporting revenue. Hoteliers have raised their fees, pushing up RevPAR and benefitting revenue. However, over the two years through 2023, severe inflationary pressures and geopolitical issues subdued consumer confidence and constrained disposable incomes, straining revenue recovery. Subsiding inflation and continued growth in tourism supports spending on hotels in 2024. Hotels face stiff price competition from short-term rentals, dampening average industry profit. Hotels will continue to benefit from an expanding number of domestic and foreign travellers. Hotel revenue is forecast to rally at a compound annual rate of 3.4% over the five years through 2029 to reach €4.8 billion. Since Ireland is undersupplied, hotel supply growth in Dublin will support the industry. Short-term rentals will continue to pose a threat, though more hotels will likely implement dynamic pricing algorithms to remain price competitive and will seek to rollout innovative features that enhance the customer experience, driving demand. Investment in technology will help hotels boost operational efficiency and provide more personalised experiences to guests. Hoteliers will also place more importance on sustainability through green practices to attract increasingly environmentally-conscious consumers.

As novel coronavirus COVID-19 spreads around China, small businesses will be very likely hit hard in the country. According to a survey on the epidemic impact on business in China released in the early February 2020, labor costs and social security contributions was the major financial burden for Chinese enterprises during the virus outbreak period, as confirmed by nearly ** percent of the surveyed companies.

The Risk Management, Insurance Advisory and Consulting industry provides insurance advisory and risk management services to insurers and other businesses.

In the wake of COVID-19 and associated lockdowns, small businesses in every state saw a negative change in their revenues when compared to revenues before the pandemic began. Businesses in states like New York, New Jersey, and Michigan saw some of the ******* declines in revenues. Small businesses in more rural states such as South Dakota, Montana and Nebraska also saw their revenues ******, but **** dramatically then in aforementioned states.

COVID-19 has Hit the NBA hard over the past few seasons, most notably through lost ticket revenues which are estimated to have cost them $3,222.64 million over the past two season. To offset these deals the league retains strong commercial growth, with team sponsorship worth $1,146.57 million a year across the active teams. The league is coming into the finals years of its current national media rights contracts and has already targeted a big increase when negotiations begin in 2022. In sponsorship the league has already seen a major growth trend in the number of cryptocurrency brands entering into partnerships, with Socios.com alone signing 17 unique team deals. Read More

The Trade Show and Conference Planning has weathered turbulent conditions as clients in nearly all sectors, including corporations, government agencies and nonprofit organizations, were affected by the volatility induced by the COVID-19 pandemic. Typically, demand for trade shows and conferences is influenced by economic conditions, domestic business activity, consumer spending and tourism trends. However, the fallout from the pandemic resulted in the most significant single-year contraction in industry history, interrupting revenue growth. Following the downturn, a return to growth in the broader economy has bolstered in-person events as business activity picked up. While economic conditions have normalized, overall industry revenue is expected to decline at a CAGR of 1.2% to $22.7 billion over five years to 2024. Most events were postponed or outright canceled at the start of the COVID-19 outbreak. The pandemic negatively impacted operations across the board, reducing business expenditure and tourism, hitting the industry hard as event attendance plummeted. However, the industry has rebounded as the pandemic waned, with the ability to resume regular events coinciding with a rapid economic recovery. Following a more than 40.0% contraction in revenue in 2020, industrywide sales jumped almost 50.0% in 2022 alone. Clients have primarily returned to regular business activities since the continuation of economic growth has better enabled them to spend on industry events. In 2024, growth will remain positive, with revenue forecast to rise 1.3% alongside profit as the pandemic enters the rearview mirror. The industry will continue to grow modestly as the number of trade shows and events grows in line with broad economic expansion. Corporate profit and advertising expenditure are both forecast to climb, as many domestic businesses will allocate funds toward trade shows, conferences and exhibitions. Consumers too will be better positioned to spend at events as per capita disposable income grows, aiding attendance rates at shows and events. As a result, revenue is expected to rise at a CAGR of 2.9% to $26.2 billion over the five years to 2029.

Brazil stepped in at the last hour to host a 12-month delayed Copa America which had been hit hard by COVID-19. The 2021 event for the most part saw no fans at its games which are estimated to have cost the tournament around $59.93 million in ticket sales. The trend in recent years has seen greater followings an interest in individual players rather than the teams, with Lionel Messi 335 million combined fans far greater than any of the ten competing nations. From a sponsorship perspective, the standout deals surround the national kit supplier partnerships, for which Nike boast the highest valued and most prestigious deal in global soccer via their partnership with Brazil. Read More

Accommodation businesses in Poland were hit hardest by the coronavirus (COVID-19) pandemic in 2020, with the percentage of unprofitable companies in the three quarters of 2020 being ** percent to ** percent of foodservice businesses.

As novel coronavirus COVID-19 spreads around China, small businesses are very likely to be hit hard in the country. According to a survey on the epidemic impact on business in China released in the early February 2020, almost ** percent of the surveyed companies in the country expected at least ** percent drop in sales revenue.

As of March 06, 2022, overall coronavirus (COVID-19) cases in South Africa reached its highest at 3,684,319 infections. It was also the largest volume of confirmed cases compared to other African countries. Regionally, Gauteng (Johannesburg) was hit hardest and registered 1,196,591 cases, whereas KwaZulu-Natal (Durban) and Western Cape (Cape Town) counted 653,945 and 642,153 coronavirus cases, respectively. In total 23,245,373 tests were conducted in the country. Total recoveries amounted to 3,560,217. On December 12, 2021, the highest daily increase in cases was recorded in South Africa.

Economic impact on businesses in South Africa

The coronavirus pandemic is not only causing a health crisis but influences the economy heavily as well. According to a survey on the financial impact of COVID-19 on various industries in South Africa, 89.6 percent of businesses indicated to see a turnover below the normal range. Mining and quarrying industry was hit hardest with nearly 95 percent of all companies seeing a decrease in turnover, whereas the largest share of businesses experiencing no economic impact are working within the real estate sector and other business services. As a response to the coronavirus, laying off workers in the short term was the most common workforce measure that businesses in South Africa implemented. 36.4 percent of businesses indicated to have laid of staff temporarily, and roughly 25 percent decreased the working hours. Approximately 20 percent of the surveyed companies, on the other hand, said no measures have been taken.

Business survivability without any revenue

Due to the measures taken by the government to prevent the coronavirus from spreading too fast, many businesses had to close its doors temporarily. However, if the coronavirus would leave them without any form of revenue for up to three months, eight out of ten businesses in South Africa predicted (in April 2020) they will go bankrupt. Just 6.7 percent said to survive for longer than three months without any turnover.