Coronavirus pandemic is affecting every sector of the global economy

The coronavirus pandemic is hitting the global economy hard. While we cannot exactly tell the damage the virus will have on the economy, economists agree that it will have severe negative impacts. 

In Africa, the virus has spread to dozens of countries across within weeks, with the head of the World Health Organisation (WHO) warning that the continent should prepare for the worst. The virus has so far claimed more than 300,000 lives across the globe with more cases being recorded on a daily basis according to data compiled on Wednesday by US-based Johns Hopkins University.

The virus has brought an economic shock in most countries, including Kenya. Schools have been closed with most organisations having their staff work from home, some businesses have also been forced to close down. 

As the virus continues to spread, movement has also been limited and people have now been forced to turn to e-commerce, working from home among other things just to reduce the spread. 

In fact, e-commerce platforms are recording massive sales. Jumia Kenya MD Sam Chappatte, says they have seen a shift in sales since the first case was reported in the country, adding that customer consumption behaviour has changed. This is the same case with online casinos and betting sites across the country.

To better understand, we went and contacted to get some first-hand information about the topic. What we were told by the representative Peris Wambu kind of surprised us: “We are focusing on reviewing online casinos, games, and more. What we saw during the pandemic, was an increase in interest in online casinos in Kenya. Some of the keywords related to our niche were doubled in terms of volume. From a small research I did myself on other niches too, we saw the effect on most of the e-commerce/gaming services online. At some cases, we witnessed an increase of more than 500% on specific keywords!”

This is indeed a big thing to take into consideration. Kenyan e-commerce websites and gaming platforms are not only searched more, but also convert much more.

Other biggest gainers during this period are apps like Zoom, HouseParty among others. As part of their recent campaign looking at the popularity of apps through the emojis used when talking about those apps, Carphone Warehouse investigated the most popular apps that have emerged during the current coronavirus pandemic. Microsoft Teams, Zoom, Houseparty, Disney+, Duolingo, Headspace, Calm and Nextdoor topped the list. 

Some industries have however been adversely affected by this pandemic. They include fintech as the level of transactions has gone down. People are spending less as lockdowns become tighter. A low transaction rate according to Market Watch has also led to a major dip in the value of cryptocurrencies such as Bitcoin or Ethereum.

Malls, shopping centers, and restaurants are also reporting vere little sales as people distance themselves from crowded spaces. People are instead ordering their necessities online and doorstep delivery has now blossomed. 

The travel and tourism industry has also been severely affected by this virus. When WHO declared the virus a global pandemic, all countries around the world stopped flights from entering and leaving their countries. Some even went ahead to close borders and induce transport limitations. 

Others include entertainment, sports among others. 

The coronavirus pandemic has indeed seen an unprecedented change in the way we live our lives. Hopefully, it will end soon so that we can go back to our normal lives. 

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