Updated: Oct 5
As the coronavirus (also known as COVID-19) pandemic continues to spread globally, Business Insider Intelligence and eMarketer are continuing to work to analyze the business impact of the virus across each of our coverage areas.
Through our coverage below, get a better understanding of the business and economic implications coronavirus has on trends like remote working, consumer shopping behavior, global advertising spend, and essential industries like food, medical, travel, and transportation.
COVID-19 BUSINESS & ECONOMY FAQS
How does Coronavirus effect the economy?
A simple look at the stock market will tell you that coronavirus has led to a volatile economy, but there are numerous other factors at play. The initial outbreak of the coronavirus in China disrupted global supply chains. A record 3.28 million Americans filed for unemployment benefits in the week ending March 21 as coronavirus-induced layoffs surge around the US. Even when the short-term effects end, the long-term economic impact will ripple for years.
How does Coronavirus effect small businesses?
More than 99% of all businesses are small businesses1, and they employ about half the US workforce. Most small businesses lack the cash reserves to weather a month-long interruption, and forecasts indicate more than 2 million workers could lose their jobs in just one week as a result of the coronavirus pandemic. There is also the possibility of a "startup depression," wherein new companies don't enter the job market because of the pandemic.
What industries are most impacted by the Coronavirus?
Hospitality and travel are two of the biggest industries impacted by COVID-19 thanks to travel cancellations, restaurant and bar closures, and low consumer confidence. Manufacturing and construction have largely held off on layoff decisions, but these industries could suffer the strain as consumer demand drops.
How should businesses prepare for the Coronavirus?
The CDC has outlined ways for businesses to adjust to the pandemic, such as assessing your essential functions and the reliance that others and the community have on your services or products.