Covid 19 is one thing none of us were prepared for, and the economy all over the world is in a traumatic state. GDP of India fell by 7.5 percent between July to September 2020, the US economy shrank by 42.8 percent from April through June 2020, and many other countries all over the world faced a similar fate. The economic condition of most countries is facing great turmoil.

While many countries have eased out from the lockdown, there are still many restrictions causing significant damage to many industries. However, there are more and more studies have shown a positive outcome, so we can hope that the vaccine will be available soon. Even after the virus may be defeated by the vaccines, there's still be a long way to go for most businesses that are severely affected by the pandemic.

Take a look at how industries are affected by Covid and the time they might take to recover.

Aviation industry

The aviation industry has almost come to a halt with a travel ban with only necessary travel permitted or encouraged. It has caused sizeable losses for aviation businesses all over the world. So, the recovery after the pandemic and might take anywhere between 6 months to 2 years.

Travel and hospitality industry

The travel and hospitality industry is undoubtedly the worst-hit industry due to the covid 19 pandemic. It can be foreseen that the travel and hospitality industry will have a snail-paced recovery because people will still be very wary about travel after the vaccine is available. Adding on, the massive impact on the economy also restricts the people to splurge on a luxurious vacation.

Retail industries

The retail industry has seen a swift turn from shopping in store to e-commerce. Many stores had to shut down with their inability to pay rent. Even large businesses have cut down on the number of stores and employees. However, once everything goes to normal, we can expect the retail industry to bounce back within 6 to 12 months.

Entertainment industry

While many production teams all over the world have resumed their works, it'll still take a long time for the entertainment industry to bounce back. Hollywood has been experimenting with new and ways to create more content as the demand for content increases. However, for Bollywood, the recovery will take even more time owning to controversies surrounding it that emerged during the pandemic.

Digital companies

Covid 19 has forced many businesses to take almost a decades' leap in the way they use technology. With people unable to go to offices, the use of digital platforms and technologies to get work done has hit a new high. The digital industry is one of the few businesses that were impacted positively by the pandemic.

Pharma, medical and health equipment

As the medical teams all over the world have been fighting tooth and nail to contain the pandemic and find a cure, they stay unaffected, even bolstered by the pandemic.

So, what industry do you belong to? How long do you think it'll take for your industry to bounce back?