Financial Industry and the Coronavirus Outbreak
The financial industry is considered the most affected industry during the COVID-19 outbreak. This is where the true disaster happened. Everything including bonds, commodities, and stocks faced a continuous downfall, leading to a major financial crisis in the stock market since the great recession in 2008.
According to analysis, the Dow Jones Industrial Average fell by 12.93% on March 8, 2020. This is considered to be the largest single-point drop since the stock market crash of 1987. Similarly, the situation is quite down in the bond market. The smaller companies are in the most dangerous situation, the companies that were receiving financial aid from the larger companies in the form of bonds.
Like the financial crisis around the globe, Pakistan Stock Exchange also fell victim to this meltdown due to COVID-19. The PSX benchmark index faced the biggest drop in history by falling 2300 points on March 16, 2020. The situation of panic had been created among the traders in Pakistan due to the stock market fall. The disturbance in the financial market resulted in the downfall of the startup ecosystems and the business markets around the world, leaving a dent on the world’s economy.
Financial Industry can survive the pandemic by four ways
Adapt to digital technologies and beat the competitors.
Optimize the marketing strategies and expenses allocation.
Improve your customer experience digitally.
Create the content that delivers long-term value to your business and audience.
August 13, 2020
July 17, 2020