Economic Impact: Analyzing UK Businesses During the Lockdown

This report examines the impact of the COVID-19 lockdown on businesses in the UK, noting a significant 25% GDP decrease in April 2020 compared to February. While economic activity recovered during the spring and summer of 2020, subsequent lockdowns led to further declines, though less severe as businesses adapted. Industries like hospitality faced near-total shutdowns, while others, such as information and communication, experienced minimal disruption. The report highlights adaptation strategies employed by businesses in heavily affected sectors like arts, hospitality, construction, retail, and manufacturing. It also recommends that businesses consider various aspects to enhance performance and develop strategies to achieve goals and objectives, emphasizing the importance of selecting appropriate research methods to ensure effective results. The analysis uses secondary data to interpret the economic shifts during and after the lockdown, concluding with insights into the ongoing recovery as of July 2021, where GDP was still 2% lower than pre-pandemic levels. Desklib provides access to this report along with numerous other solved assignments.

Business impact during the lockdown in the UK
INTRODUCTION
During the first lockdown, UK GDP emerge as 25% decrease in April 2020 than it
changed into most effective two months in advance in February. Economic interest
picked up over the spring and summer time of 2020, reflecting the hole up of the
economic system. This became accompanied thru a upward thrust in Covid-19 cases
and further lockdowns in some unspecified time in the future of the autumn and
winter, main to financial interest falling once more. The decline end up, however, lots
much less severe than in the route of the number one lockdown, as customers and
companies had tailored over the previous 365 days. A robust recuperation in spring
and early summer time 2021 led to a rebound in GDP, which as of July 2021 changed
into 2% decrease than before the pandemic. The poster explains the Business impact
pre and post the lockdown in the UK and some hints approximately how organizations
can triumph over from the challenges.
Business impact during the lockdown in the UK
The companies have been facing issues with a decline in the overall sales as well as
performance of the businesses. Services consisting of hospitality – together with pubs,
eating places and accommodations – recorded almost no output in April and May,
however industries along with information and verbal exchange, in which group of
workers ought to in large part make money working from home, noticed little
exchange as compared with February. Businesses internal industries toughest hit with
the aid of lockdowns – which consist of arts, hospitality, construction, retail and
manufacturing have established symptoms of adapting to public fitness regulations.
More than eighty% of arts, leisure and pastime and lodging and food organizations
were quickly closed during the spring 2020 lockdown; this had dropped to spherical
55% at some stage in January 2021.
ROUTE NETWORK
• Cerqua, A. and Letta, M., 2020. Local economies amidst the COVID-19 crisis
in Italy: A tale of diverging trajectories.
• Christa, U. and Kristinae, V., 2021. The effect of product innovation on
business performance during COVID 19 pandemic. Uncertain Supply Chain
Management, 9(1), pp.151-158.
The information may additionally were accrued for popular use with no particular
research motive like in the case of the country wide census. Data categorized as
secondary for specific research can be stated to be number one for every other
research. This is the case when records is being reused, making it primary facts for the
first research and secondary records for the second research it is being used for.
Recommendations
It is recommended that businesses should take into account the different aspects as this
will help in enhancing the overall performance of the firms. It is also recommended
that strategies should be developed which will help in achieving the goals as well as
objectives.
Methodology
Research method is the particular strategies or techniques used to become aware of,
select, process, and examine statistics approximately a subject. In a studies paper, the
methodology segment permits the reader to severely compare a study's basic validity
and reliability. Data can be grouped into four fundamental types based totally on
strategies for series: observational, experimental, simulation, and derived. Secondary
data is the information that has already been accumulated via primary assets and made
comfortably to be had for researchers to apply for their personal research. It is
important to ensure that appropriate methods are selected for the study as this ensures
that the results that are obtained, are effective . It is a sort of records that has already
been collected in the beyond. A researcher can also have amassed the statistics for a
particular challenge, then made it to be had to be used by another researcher
Data Interpretation
During the primary lockdown, UK GDP changed into 25% lower in April 2020 than it changed
into handiest months in advance in February. Economic hobby picked up over the spring and summer
of 2020, reflecting the opening up of the economy. This became found by means of a upward push in
Covid-19 cases and similarly lockdowns for the duration of the fall and wintry weather, main to
monetary activity falling once more. The decline was, however, a bargain tons less severe than within
the direction of the first lockdown, as customers and corporations had tailored over the preceding 12
months. A strong restoration in spring and early summer 2021 brought about a rebound in GDP, which
as of July 2021 have become 2% decrease than in advance than the pandemic.
Conclusion
This became accompanied thru a upward thrust in Covid-19 cases and in addition lockdowns sooner or later of the fall and iciness, leading to financial activity falling
once more. The decline emerge as, however, masses less severe than within the direction of the number one lockdown, as clients and companies had tailored over the
previous twelve months.