United Arab Emirates, 14th of March 2023: The coronavirus pandemic, which broke out in full in March 2020, dealt a major blow to the world economy. It showed how vulnerable it is in the light of advancing globalization. Gulf Brokers analysed how the disruption of supply chains has caused a large-scale supply shock and pushed many industries to the very edge of their existence. Aviation, tourism, energy, the automotive industry and specialty retail were the hardest hit by the pandemic. On the other hand, it brought opportunities for the pharmaceutical industry and technology companies.
It has become clear that some sectors of the national economy may be more vulnerable if they are hit by a crisis comparable to an infectious disease pandemic. However, every crisis is also an impetus for adaptation, which the companies in the mentioned sectors have confirmed. They seem to be more resilient now and ready for full-scale growth.
In recent weeks, for example, the airline giants reported strong earnings for the last quarter as the global travel market continues to show positive signs of recovery from losses incurred because of the Coronavirus pandemic.
On the other hand, the industries for which the pandemic turned out to be the wave on which it rode, especially tech and pharma sectors, are experiencing some slowdown today. This can be considered a natural development.
For details of how aviation, tourism, energy, the automotive industry and retail on one hand and technology and pharma on the other hand have changed during last three years see the analysis by Gulf Brokers.