According to Britannica, 5 of the world’s most devastating financial crises (in recent times), occurred in 1772, 1929-39, 1973, 1997 and 2007-08. As at October of 2009, unemployment rate in the US crossed the 10% mark. This 10% mark has been crossed twice since the great depression, which was until the pandemic. As at April 2020, a report by CNBC 19th May 2020, unemployment rate in America was at 14.7%. The present recession around the world is quite unusual when compared with previous ones, in that there are few beneficiaries with huge benefits, major opportunities hidden in plain sight as well as the accompanying challenges and risks.
Rapid changes are occurring in business styles. There are several businesses which have existed for centuries past, some of which have been suspend, while others gone into extinction. However, today people are faced with the choice to modify the style with which they administer their business. For example, the food industry can never go into extinction, but sales of cassette players is in its final extinction stages.
The challenges before humanity is having to change as quickly as possible to adopt new technologies in compliance with present day constraints to remain relevant.
The following are some listings of beneficiaries, opportunities, challenges and threats.
Below is an analysis video:
- 5 of the World’s Most Devastating Financial Crises – https://www.britannica.com/list/5-of-the-worlds-most-devastating-financial-crises
- Unemployment is nearing Great Depression levels. Here’s how the eras are similar — and different – https://www.cnbc.com/2020/05/19/unemployment-today-vs-the-great-depression-how-do-the-eras-compare.html#:~:text=Unemployment%20rate,-The%20unemployment%20rate&text=The%20rate%20peaked%20at%2025.6,the%20Bureau%20of%20Labor%20Statistics.