Even though during this Covid-19, UAE has taken its best actions to stabilize the sinking trade markets, there is a significant change in the customer tastes. Normalization of these changes may take a long time. But still after the Covid period will the economy be the same?
The global concerts specify this normalization to take a longer time. Also the International Monetary Fund ( IMF), who initially stated a contraction of 2.7% for the GCC raised it to 7.6% in 2020, presently mentions that the business layouts should be adaptable to the customer requirements. Only this can prompt the cautious customers to spend and consume the deals. This is a matter of prior concern as it has impacts on economic health and job security.
The worst contradiction is that the UAE economy is more dependable on the sectors which is most endangered to Covid-19 impression. Corona Virus has made its consequences on industrial markets, tourism and the economy.3/4Rth of the UAE revenue is produced from tourism, hospitality, and international trade sectors. And these sectors are adversely smacked down by Covid Pandemic.
This is due to the World-Wide reduction of the creation of energy & its products. The current constraints have restricted the transportation and economical ventures.The present environment is the barrier for airline and hospitality services.
Once all these are back to normal, the economy will have a huge rise to its earlier status, we can expect a V-shaped hike (as stated by Mr. Alabbar, Emaar Properties Chairman).
Our Perception is that post Covid Businesses should be carried over only by the in-depth realization of the current situation. The mentioned revert will diversely affect the consumer delights in their consumption. As the current situation was an unpredictable scenario, Business leaders should be adaptable and vigilant to all the scenes. Proper guidance and planning is the key requirement for this.