The whole world is suffering from the COVID-19 – the virus that has taken the lives of more than 70 thousand people on the planet according to the current datum. There is no area of life that Coronavirus hasn’t affected as it has become more than the national, but the worldwide problem. The United Kingdom of Great Britain and Northern Ireland isn’t an exception. There were certain problems in the economy of Northern Ireland before the virus started to expand. But now, the situation has worsened and the government doesn’t know for sure how long the crisis will continue.
So, what is the impact of COVID-19 on the economy of NI? Today, even school kids and students search for credible sources of information to find answers to this question. Professionals from WriteMyPaper4Me.org service get more and more orders for papers about COVID. It isn’t surprising because nobody can think about any other topic for a research paper rather than about the consequences of the sudden Pandemia in the world. The economy of Great Britain (England, Scotland, and Wales) and Northern Ireland are experiencing problems in various spheres. Let’s consider what these effects are in more detail.
COVID and Its Effect on Traveling and Hotel Business
It isn’t a secret that tourism brings millions to the world economy. Now, nobody knows when people would be able to travel again. At the moment, it is impossible to go abroad and even cities inside countries are locked down. It was the expected response reaction for the virus expansion. Northern Ireland is one of those countries that experience the negative effect of the rapid expansion of the virus. If to be more exact, then the well-known airline Flybe collapsed, which can’t be unnoticed in the sphere of airline services. As a result, the staff working there has been redundant.
It would be very difficult to restore this sphere as there are predictions that the virus won’t stop here. It may come again and again and become a seasonal disease. Of course, after some time people will start traveling as before but this won’t happen in the nearest future because of the fear of getting infected during the flight. Each month airports lose huge amounts of money. It is difficult to imagine how much it’ll lose within several months. Not only airports but also hotel chains have started to experience big problems after the pandemic outbreak. If people don’t travel, then, hotel staff will be redundant as well. The owners of hotels won’t be able to pay for the rent waiting until everything is fine again. The hotel industry is dependent on travelers as locals rarely use hotel services. So, God knows how hotels will be able to survive in such circumstances.
COVID and Retail
People are getting used to the principle of a lockdown and social distancing. Today, you can hear the advice of health care specialists all over the world: “You should minimize or even avoid contacts, shop online, choose to work from home.” The owners of large stores in the Belfast city center worry that sales will drop sharply. Many owners of local stores may become bankrupts. Retail is one of the most profitable spheres that the economy can’t survive without. The workers from other countries have gone home and won’t be able to return in the nearest future as borders between countries won’t be open soon. Some experts say that it’s vital to keep borders closed for a certain period of time. There is a risk that it’ll last for several months or even more. During this period, Ireland’s retail sphere will lose too much money.
The famous employer of O’Neills sportswear admits that COVID will have huge implications on their company as well as other large companies like theirs. Today, the government should respond to the public doing their best to support businesses and ensure that they could develop programs to support businesses without a delay, especially, this refers to small businesses that won’t survive without the development of a new system of rates waiver for at least a year. In a pandemic, the effective plan with serious measures from the side of the administration is a must, otherwise, the business in Northern Ireland will experience significant losses.
