Surviving the Coronavirus Crisis: Restaurants

This worldwide pandemic has everyone in hysteria. Cities in the USA are suspending restaurant operations, global restaurant sales are going down, dining scenes in the biggest cities are all stopped in their tracks, restaurants are seeing major declines in patronage. All because the coronavirus has spread rapidly since its discovery in early January. The crisis could likely be an extinction event for the majority of the restaurant, cafe, and bar industry.

Why is the Novel Coronavirus Crisis worse than the SARS period?

The Chinese economy is a whole lot bigger than in 2003. Back then, China was the world’s sixth-largest economy. Fast forward to 2020, and they’re the second biggest. The country has been the main growth driver worldwide with the International Monetary Fund estimating that China alone, accounted for 39% of global economic expansion in 2019.

“When the dragon sneezes, the whole world catches a cold.”

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In 2019, China led the way in terms of total outbound tourism. They spent USD257.7 billion dollars in the tourism sector in comparison to the USA that spent USD135 billion. What this insinuates is the large movement of people globally across borders. Tourism and traveling make it easy for diseases to spread with humans as its main carriers and at a very fast pace. What makes it even harder for authorities is the difficulty in tracking this disease as clusters form spontaneously.