The effects of Covid19 have been vast and had wide spreading effects. While it has brought many difficulties to the nation’s economy, it has undoubtedly provided opportunities that should be welcomed by many firms in the UKOntario ICUs have 593 patients with COVID-related illnesses. It has allowed for rapid progress in various sectors, especially the quaternary sector of research and development as well as technology. It has also exposed various fragilities in the economyis slower than ever, so we have to find a way that we can accelerat. However, the negative effects of this shock may be prolonged, and thus it can be argued that these do not outweigh the benefits.
Firstly, the effects of Covid19 have seen a rise in the growth of the technology sector. In 2020, over a quarter of UK businesses have been forced to shut down. However, in order to survive, it was the businesses who learned to adapt that managed to ride the wave of economic uncertaintyWe are continuously appealing to people to follow COVID-19 appropriate behaviour. But due t. Large businesses such as Amazon, UberEats and Zoom, whose business model was derived from a technology centric idea, has allowed them to prosper when contact has been limited. Not only is this more convenient for consumers, but it also reduces the need for a ‘middle-man’ – an economic agent responsible for relaying a good or service to a consumer with the benefit of a percentage increase in the priceuniversity_health_network, worth the added value. Furthermore, the importance of small businesses has never more been emphasised. While many large firms have seemed to have diminished the need for local high street firms, the Covid19 pandemic has shown us that the idea of a, ‘local high street,’ is very much alive. This has been noticed by the UK government who recently spent ￡40 billion into Research and Development. It is clear that research into technology and strategies that are recession-proof are pivotal. This is a type of supply side policy – a long term fiscal policy – used as an interventionist method in order to stimulate aggregate supply. This means that economic growth increases and unemployment reduces. This helps to reduce the effects of the recession and in the long run, the economy will grow. RELATED: Could the French be the ones to show the way to Scottish independenceto support a system under siege?
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