Economics and Business
ISSN 2775-9237 (Online)
Published: 12 May 2020
Coronavirus (COVID-19): Effect and Survival Strategy for Businesses
Federal University of Kashere, Nigeria
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Keywords: Businesses, Capability development, Core competencies, Coronavirus, COVID-19, Survival strategy
Coronavirus (COVID-19) is a public health emergency and a serious threat to the economy of both developed, developing, and underdeveloped nations. This paper identifies the adverse effect of such a virus to businesses across the globe. It also attempts to devise a strategy for survival in the presence of the pandemic. Scientific literature and technical reports were reviewed systematically as a methodology to find and classify related studies for the research. Such studies were examined and synthesized in a manner that gives new insights into the effect of the new pandemic for businesses across the globe. The study reveals that coronavirus known as COVID19 has negatively affected a lot of businesses across the globe. Specifically, the values of the stock market fall to negative, while that of gold and oil tumbled significantly. Additionally, the study confirmed that transportations and travel companies, businesses in the hospitality industry, and industrial production companies experience a significant drop in patronage. The paper is one of the important studies taken in the context of Coronavirus or COVID-19, Business Survival, and strategy. Especially now that the virus has posted a global challenge to not only the life and health of people but businesses and the economy of many nations. This is a pioneering effort in the research of this nature. Other researches concentrated on the prevention and management of the pandemic. So, the paper is original in context as well as in research terms. Recommendations were given as a step forward.
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