COVID-19 is a huge challenge for the whole world and due to this, the economy of many countries plunged, and now they are striving to tackle the condition by forcing themselves to walk on prophylaxis. For this, the scientists gave some junctures commonly known as SOP. But quarantine countries are facing the economic plunge. And the investors and businessmen are asking that when and how this pandemic will end.
As the government and businessmen are trying to come over the condition and recover the economy but there is a big disruption from both supply and demand side. Seeing these conditions, the United Nations Industrial Development Organization (UNIDO) arranged an online event and addressed the challenges of industry for developing countries in these pandemic conditions.
To get a path to recovery the RAND school surveyed the street shops and talked with them. They surveyed to learn about the challenges they are facing and how to help them. The businessmen told them that the biggest problem they are facing is expenses. The business is going down but the expenses are at their place. For reopening, they said, they have to take loans but this is insufficient. Because they have fixed operating costs such as rental expenses. Even they have got the loan but sales have collapsed in this pandemic and this has become a burden for them. The landlord can’t leave the rent because landlords also have to meet their mortgage and they can become bankrupt. Another issue the businessmen shared was that the results occurring from the “stay at home” order cause many difficulties for them.
Many of the businessmen said that they had applied to different aid programs but they never got any reply from the management of the aid department. Some have problems with the terms and conditions that these were confusing. Business owners were thinking of reopening their businesses but they want clear rules about permissions and restrictions from the government. They said that they should be facilitated in this matter so that they can start preparing for resuming business. The government should also revise the policies and make them business helping conditions.
Once reopening occurs customers might be slow but the expenses are waiting for them on time. Many of the business owners may be unable to get bank loans because they would be high-risk borrowers. Therefore, small businesses should be helped for running again. They should also be assisted in work safety and that also wants guidance which leads to safety works in the pandemic.
Business owners should also prepare themselves and reopens with collaboration with near small businesses. This will help them and both can get profits and come over the problems.
PS: This article is written based on the current pandemic status globally in general as at May/Jun/July-2020 and it does not represent any particular country or the Government as different countries have been adopting with different assistance, reliefs or aid packages.