 CEO of Target, Brian Connell, asserted that it is safe to say that sitting here today America is largely out of business as many industries have idled capacity as consumers are staying at home, working from home, schools are closed and it's a unique environment that none of us has seen before. There's no playbook for how to react in this environment. We're writing the script every day. And this pandemic has hit hard on the economy of the world and many businesses are suffering or will suffer depression. This video exposes you to 9 industries that will be significantly hit by this pandemic. And they are 1. Tourism Industry The COVID-19 pandemic has drastically affected the tourism industry. Due to the pandemic, countries and regions of the world have imposed global restrictions that apply to all foreign countries and territories or prevent their citizens from travelling overseas. The fear of the disease coupled with the travel restriction has led to many tourist centres like sports venues, museums and parks being locked down. The United Nations World Tourism Organization estimated that global international tourist arrivals might decrease by 20-30% in 2020. Leading to a potential loss of 30-50 billion US dollars. Furthermore, the World Travel and Tourism Council has warned that the COVID-19 pandemic could cut 50 million jobs worldwide in the travel and tourism industry and it may take up to 10 months for the industry to recover. 2. Aviation Industry The damage done by the coronavirus outbreak on the aviation industry is yet to be fully realised. The airline trade group International Air Transport Association anticipates that the world's air carriers will see this year's revenue drop by more than half and several industry watches predict that it will be years before air travel returns to 2019 levels. According to Hither Howley, the owner of independent helicopters, even though she recently increased her focus on flight training and offered the ground portion of it online, because of the cancellation of significant events, the coronavirus pandemic still stands as a great threat to her business. 3. Hospitality Industry One industry that is suffering the most immediate repercussions is the hospitality and leisure industry. Hospitality is among the hardest hit due to fears of community spread through travel and group environments. As the phrase social distancing becomes a household term, many consumers are playing it safe and staying at home. While some are attempting to continue typical day-to-day operations through restrictions, right now in the US and other countries of the world, hotels stand empty. Citrations predict that hotels will be the first property type to be affected by the coronavirus due to reduced tourism and travel and a slowdown in economic activity. The impact of the pandemic will exacerbate hotel cash flow decline and rising expenses from wages and real estate taxes may exceed revenue growth. As the drop in profit becomes inevitable for businesses in these industries, many companies will be forced to shut down totally and only the resilient ones will be able to sustain. 4. Oil and Gas Industry Although the oil and gas industry is usually described as change resistant, the impact of COVID-19 and the oil price war are proven to be a two-pronged crisis for oil, gas and chemical companies. The demand for oil has shattered, prices have sunk and production cuts agreements have failed. The industrial slowdown and travel restrictions have led to a reduction in the need for chemicals and refined products. Figures from trade and economics show that the price per barrel of oil has collapsed in the last four months. It has dropped from a peak of $64.58 per barrel and January 5th to a low of $20 on April 1st. The research firm, Rich Start Energy, went a step further, predicting that a 25% decline in oil prices could see oil and gas investments cut by $30 billion globally. The COVID-19 pandemic has indeed caused a significant risk for those involved in oil extraction and processing. 5. Construction Industry COVID-19 is having a massive impact on construction projects but the legal implications vary from country to country and contract to contract. Presently COVID-19 is not, broadly speaking, rendering projects altogether impossible to complete but it is slowing them down, causing delays and disruption. Even if only because supply chains have been severely disrupted, many projects have also stopped, intending to resume work at an unknown date. 6. Trade Industry According to the World Trade Organization, world merchandise trade will plummet between 13 and 32% in 2020 due to the COVID-19 pandemic. Estimates of the expected recovery in 2021 are equally uncertain and with outcomes depending mainly on the duration of the outbreak and effectiveness of the policy responses. According to WTO Director-General Roberto Asverdo in an interview, he said and I quote, the inevitable declines in trade and output will have painful consequences for households and businesses. On top of the human suffering caused by the disease itself, the immediate goal is to bring the pandemic under control and mitigate the economic damage to people, companies and countries. World policymakers must start planning for the aftermath of the pandemic. Research from WTO shows that nearly all regions of the world will suffer double-digit declines in trade volumes in 2020 and the 2021 recovery in trade is expected but it depends on the duration of the outbreak and the effectiveness of the policy responses. 7. Manufacturing Industry The International Monetary Fund has said the pandemic was already driving the global economy into recession, calling on countries to respond with very massive spending to avoid bankruptcies and emerging market debt defaults. The manufacturing sector which employs some 13 million workers in the U.S. is poised to be struck during this outbreak, primarily for two reasons. First, many manufacturing jobs are onsite and cannot be carried out remotely. Second, slowed economic activity has reduced demand for industrial products in the U.S. and globally. According to a recent survey of the National Association of Manufacturers, NAM, about 80% of manufacturers expect that the pandemic will have a financial impact on their business. 8. Retail Industry There is no doubt that the retail industry is undergoing an unprecedented transformation ignited by the global COVID-19 pandemic. The pandemic has shuttered retail sectors around the world in the past few months, driving unemployment to record-setting numbers and causing economic fallout that may well be worse than the Great Depression. As the coronavirus continues to spread around the world, there have been significant impacts on consumer behavior, product demand and retail store, factory and logistics services availability. Fashion, furniture and electronic retailers will be hit hardest as consumers forgo discretionary purchases in favor of stocking up on food and household supplies. 9. Food Service Due to the nature of the new COVID-19 disease, consumer behavior and expectations towards food service have much changed. Presently, as a result of the restrictions and lockdown, customers tend to stay indoors. Although customers may prefer delivery services, not many restaurants have the resources to provide such assistance. The few eateries who venture into delivery must be sure to have standby logistics in place. Furthermore, consumers are developing a dramatically heightened sense of what they view as safe food handling practices and an increase in desire to know where their food came from, how it was grown, raised and processed. Studies show that this behavior will continue even after the pandemic because consumers focus on how their food was handled has dramatically intensified. For restaurants, this means that even after the epidemic, many individuals will most likely prefer to cook food themselves rather than eat out. And the ones that eat out will have less tolerance for mishandling of food, dirty restrooms and others. As a result of this pandemic, many companies have fallen out of business and many more will fall out. It will take entrepreneurs with innovative and resilient spirits and other skills to survive and thrive. Co-star of Shock Tank Kevin O'Leary said, the key is to keep the DNA of the business intact so that when we come back out of this incredible unique situation, we have all the building blocks we started with before to spring right back into business. Keep the spirit on fire with more knowledge, there is still hope for every business.