Discussion on the Negative Impacts of Corona Virus on Businesses (Essay Sample)

Discussion on the Negative Impacts of Corona Virus on Businesses
Student’s Name
Professor
Course
Institution
Date
Discussion on the Negative Impacts of Corona Virus on Businesses
The emergence of COVID- 19 has caused an economic shock which affected small and macro businesses worldwide by disrupting supply chains, reducing the labor force, and increased most of productions due to the cost of digitalization; all these factors have caused reduction in productivity and in extreme cases, the closure of the businesses (Fairlie & Fossen, 2021). Therefore in my opinion, the Corona Virus has not been good for the businesses across the globe due to the following reasons:
First, the Covid 19 has led to the reduction of the employees in various business organizations as some have lost their jobs due to low revenues caused by this pandemic. Secondly, there has been closure of the various businesses such as the Tourism and Hospitality sectors as workers are advised to stay at home to flatten the Corona Virus curve (Fairlie & Fossen, 2021). Thirdly, the Covid 19 has led to the closure of borders worldwide leading to the disruption of the international supply chains, hence businesses cannot get supplies or export their products in the global markets (Meyer, et al., 2021).
Similarly, due to the adverse effects of Covid 19, many businesses have suffered heavy costs of digitization while adopting digital methods to enable their worke