Effect of COVID-19 on different industries
Updated: Mar 18, 2022
Another other important factor in the uneven post-corona recovery of financial markets is the question of what types of companies operate in which markets. It is telling that the NASDAQ – which is comprised largely of companies in the technology sector - recovered more quickly than other stock exchanges. The NASDAQ is home to many of the fastest growing companies in 2020, with many of these companies (such as Amazon and PayPal) being beneficiaries of the growth in online retailing precipitated by lockdowns. Conversely, companies which lost the most value over 2020 tended to operate in more traditional industries – notably energy and tourism. This is not surprising given the reduction in tourism and commuting during the pandemic. Accordingly, financial markets with a high concentration of shares for companies benefiting from the pandemic recovered more quickly than more diversified, traditional markets.
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