Affects Of Covid-19 On Small And Medium Industries & Businesses: Strategies To Survive In Pandemic

The Novel Corona outbreak came into eyes of the world in December 2019, when Wuhan city of china got badly affected by the COVID-19. As the days passed, the virus spread all over the world. Almost more than a million cases were reported causing more than five hundred thousand causalities all over the globe. This research is an exploratory research that indicates the factors that affected the economy of the world and the new ways of the businesses that were discovered due pandemic situation. Severe lockdowns have been observed in China, Europe and all over the world. These lockdowns badly affect the functioning of businesses and international supply chains, companies and manufacturing firms, which resulted in the unemployment of millions of people all over the world. If the same pandemic situation continues, many more businesses and organization may shut down their operations and millions of more people may get unemployed. As the fixed cost and expenses of the companies and organizations remain the same, it might force the companies to shut down the operations to avoid further losses. South Asian countries are facing even more bad times due to a lack of advancement in medical sciences and technology. Also, they have to import Corona testing kits and medicines, which results in an increased burden on the economy of the country. Therefore, they need to improve the medical facilities to cope with the unfavorable medical emergency conditions in the future. This research indicates the long term policies that should be adopted in such kind of pandemic in future time. This research focuses on the problems related to small and medium industries which can be operated with low number of labor while area of large industries is wide open for research.