If you are one of the many travelers trapped in a foreign country due to the global pandemic, people in quarantine, or owners of small businesses, you are most likely already suffering the economic impact of coronavirus. In today’s post, we will tell you what to expect financially and what to do with your money.
What to expect in the short term
Coronavirus threatens the world economy, and it seems like we are just witnessing the beginning of it. Although it may sound apocalyptic, this is what you can expect in the short term:
The travel industry is in a jam
Tourism is the industry that has suffered the most due to the pandemic humanity is currently facing. Around 50 million people involved with the travel industry could be fired since agencies are not able to sell tours nor tickets, restaurants are not opening their doors, airlines are unavailable to operate until the borders open again, archeological sites are closed, local markets are not functioning, etc.
Small businesses are at risk
We can expect many small businesses to shut down in the following months, if they haven’t already done so. They are facing challenging times because both their workers and clients are in quarantine, and people are reducing their expenses. Unfortunately, they still need to pay rent, utilities, taxes, and maintain their households.
Unemployment is increasing
Large companies are struggling against the economic impact of Coronavirus as well. Even though they have a safety net to rely on during emergencies, one of the measures they are taking to protect themselves is to cut staff. The jobless rate in the United States is predicted to increase by 10%-20% rapidly. Some small business are also firing their employees in a desperate effort to soften the blow
What to expect in the long term
You may be wondering what lies ahead. So far, this is what economic experts foresee as the aftermath of Coronavirus.
This pandemic restrained the economic growth we were experimenting consistently for a couple of years already. Before the outbreak, most experts were indicating that 2020 was going to be a year of substantial expansion for the economy. Now, they state it will take decades to overcome this alarming situation.
On the upside, the world is already preparing a big comeback. The first thing you, as a citizen of the world, can do to confront the economic impact of Coronavirus is to invest in local businesses. You can start now. Whenever you order food, do it from local restaurants. If you are buying clothes, pick small independent brands.
Yes, a lot of people are going to lose their jobs, maybe you have already lost yours, but more opportunities will arise. When businesses start recovering, they will start hiring again. The process will be slow since the recession is expected to have lasting effects, but you can be sure new positions will be available in the next months.
What to do with your money during the Coronavirus crisis?
Did you know that you could take advantage of the economic impact of Coronavirus? At Foreign Currency and Coin Exchange we are still functioning, and this means plenty of opportunities to exchange currencies and benefit from the situation.
Our rates continue to be very competitive and we are processing orders to continue serving the foreign exchange community. This means sending in your leftover foreign currency and also taking the opportunity to buy foreign currency for your needs at great prices from home on our website.
Perhaps you thought you were planning on travelling and had stocked up on foreign currency, or as a business need to process large amounts of foreign currency to meet the new cash flow demands the crisis has brought upon. In any situation you are facing, we have good news for you: in our website we handle more than 150 currencies, find yours here.
No matter what your situation is, you can rely on Foreign Currency & Coin Exchange to sell or buy your money. We offer you the best rates of the market, safe and fast transactions, and convenience.