Covid-19 – Financial Impact
Covid-19 is an infectious disease that has created a global pandemic. It is named because it was discovered in 2019, however the main impact of the pandemic started in 2020.
The virus has had a devastating effect on the global economy. In the USA, the economy shrunk by 3.5% in 2020, the worst result since WW2. Retailer J.Crew filed for Bankruptcy in 2020.
However, not all companies had negative experiences. Businesses that produce alcohol saw sales rise in 2020. So did suppliers of cleaning and medical products, particularly Hand Sanitizer and Face masks. In most countries, Gyms had to close but sales of home exercise equipment increased.
Teleconferencing companies like Zoom enjoyed a boom as many people started to work from home. Zoom shares went up by 41% in September 2020 after they announced record sales.
Other winners include Facebook and E-commerce companies like Amazon and Shopify.
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