Since Covid-19. Everyone wants a piece of the technology sector… and it’s no wonder.

When Coronavirus struck the world ground to a halt. From China to the US, goods, services, and supplies all stopped. Intermittent disruptions to the supply chain meant that each business had to struggle. Even now, nearly two years on, the global economy hasn’t recovered, and the world bank predicts slow growth that is ‘uneven’[i].

Amidst all this confusion, there was one industry that managed to keep us going. When all seemed lost, when the world economy was on its knees, it was the technology industries that held us together. When we couldn’t get to work, it was Zoom that connected us and hosted our meetings.

Our Dependence on Tech has Kept us Going

In more ways than one, this dependence on tech to get us buy has benefited everyone. The economy, although barren, was able to tick over via the world of video meetings. Companies such as Hays Technology, Zoom, Microsoft and others, led the way in keeping us connected. Without them, we wouldn’t have been able to find jobs in IT, connect to meetings, log in to work, or see our family members face to face.

While many people bemoan the way kids nowadays are chained to their computers, these are the same kids that are setting up these technology companies and therefore keeping us connected. This dependence on tech hasn’t let us down yet, even when face to face meetings have. It’s time to stop tormenting the kids of nowadays for their reliance on computers because it is this reliance that has got us through the global pandemic[ii].

Other Industries that Helped Out During Covid-19

There were plenty of other industries that did OK during the pandemic. Although restaurants had no clients and many closed (roughly 110,000 across the Us and 10,000 in the UK), the fast food business expanded exponentially. Where people couldn’t eat out, gourmet home dining surged in popularity.

The housing market skyrocketed. Back at the beginning of all this, Realtors were worried that the housing market would have to be frozen to stop the bottom falling out of it. This ended up being far from the case, the opposite happened. Housing prices surged as more and more people decided they needed more space. The same can be said for DIY supplies and home improvement services, all of which got a real boost from the numbers of people staying at home all day.

Sales in tablets and phones took a leap, people bought more leisure equipment than ever before. If you had an outdoors hobby and a garden to perform it in, you bought equipment for it. Things like bike sales shot through the roof, and laptops and personal computers sold so quickly that we are still suffering from a shortage to this day.

The Way Forward

With a slow and uneven recovery on the cards, we can only postulate that it will be some time before things are completely back to normal. On the other hand, we now know that if lockdowns do strike again, we can get through it with the help of technology.

Topics #global economy #Global Reliance #technology #world bank