Impact of COVID-19 on Business Sectors and Legal Structure for Starting a Business

BM461 Global Business
Environment

Contents
MAIN BODY........................................................................................................................................3
2a)......................................................................................................................................................3
2b).....................................................................................................................................................4
CONCLUSION.....................................................................................................................................6
REFERENCES......................................................................................................................................7

MAIN BODY
2a)
Consumer confidence refers to the economic indicator which uses to measure the degree of
optimism that the consumer used to feel about in the overall state of the economy and their personal
financial situation (Juhro and Iyke, 2020). It important in business because it’s used to determine the
willingness of the consumers in order to spend, borrow and save (US CONSUMER CONFIDENCE,
2022).
Business sector will struggle
As the pandemic has affected the overall globe and make the lock-down sin the countries
which make the business sector to struggle in the market. After the research it as seen that the small
and medium enterprises has affected and will struggle the more in the next 12 months. This is because
of the happening of the pandemic in all over the globe (Sunarsi and Baharuddin, 2019). The small and
medium sectors includes the retails firms also as it has also faced the loss and will struggle in the
coming next 12 months. The architectural services, quantity surveying and engineering sector has and
will struggle in the coming 12 months. As due to the happening of the COVID the people are only
focusing on satisfying the needs rather than building the house for them. For example, Travis Perkins
who is the largest architect in the UK has cancelled all its dividends for this year as he knows the
pandemic will affect his organization and its work. From the below graph we can conclude that the
people in the UK were getting the low jobs in the Building works which causes decrease in the
architect work and make the sector struggle in the coming months and the graph is also moving
downwards only (Hamdani, Abdul and Maulani, 2018).
Business sector will prosper
The business sector prospers means that which type of business sector will grow in the
coming years and months. The business sector which is growing in the present days may be prosper in