The news that biotech companies Pfizer and BioNTech SE may secure approval for coronavirus vaccine in weeks have recently sparked many people’s hopes that the world economy can bounce back strongly next year. Although it still has several hurdles to surmount before it can receive the authorization for distribution, hopes are rising for the airline, hotel and management, restaurant, and retail industry.
Hope is surging, welcoming job growth for millions of people affected by the pandemic.
Thanks to the vaccination breakthrough, things are looking up for the global economy — and here are some of the most immediate effects that may occur before full economic recovery.
Resuming Regular Office Operations
Millions have been working remotely during the pandemic, and experts assume that these arrangements could end soon after the vaccine becomes available to the public. Whether you’ve been working with a mortgage broker for a commercial real estate purchase or taking therapy sessions with a professional online, expect to visit them in their offices again.
Many restaurants have switched their operations to takeout and delivery. However, these measures weren’t enough to replace the massive revenue loss from diners who stayed away from their stores. But when most of the population gets vaccinated, more restaurants will likely reopen their doors or increase their seating capacity if they were open beforehand.
Boosts Foot Traffic to Struggling Retailers
Although the vaccine won’t arrive in time to help retailers get back the revenue they need during the crucial holiday shopping season, it can restore consumer confidence in the global economy, encouraging many to shop in person again. Several retailers have filed for bankruptcy during the pandemic, forcing many to shutter their stores. Although most stores have reopened, shoppers are yet to return.
Analysts have shared that investors are optimistic that foot traffic and sales for physical stores will normalize quickly once people get vaccinated, but this doesn’t mean retailers will be keen on hiring new staff as most have suffered financially.
Encouraging Travelers to Explore Again
Airlines have been hobbled as air passengers stayed away amid concerns about contracting the coronavirus while traveling and several restrictions implemented by the countries’ governments. For the same reason, hotels were empty, and cruises anchored to the shore. But thanks to the vaccine revelation, expect to see more people traveling now.
Re-igniting the Entertainment Industry
The entertainment industry has been one of the sectors that have gotten hit the hardest by the pandemic, with Broadway and movie theaters shutting and sports events getting canceled. The possibility of a vaccination getting released to the public may reignite the sector to its former glory, including the reopening of movie theaters, sports stadiums and resume of theatrical performances.
Although a successful vaccine can give the economy the chance of returning to “normal” next year, it’ll take longer to heal from the historic blow to jobs, investments and businesses. However, change is near, just not as fast as everyone hoped — but expect to see any of the economic effects mentioned taking place gradually, helping everyone get a hold of their lives again.