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The rapid spread of the COVID-19 virus since February 2020 has brought
economic activity to a near-halt. Most of the country has been placed under
a partial lockdown. The closure of non-essential businesses and domestic
supply chain disruptions are having a significant impact on wholesale and
retail trade and transport, storage and communication, the largest sub-sectors
of the services sector.
The drop in domestic and global demand is also compounding the strains on
the industrial sector, which is hit by both supply and demand shocks. The
COVID-19 pandemic has constantly changed online shopping behaviors,
according to a survey of about 3,700 consumers in nine emerging and
developed economies. The implementation of social distancing, lockdowns
and other measures in response to the COVID-19 pandemic has led
consumers to incline up online shopping, social media use, internet
telephony and teleconferencing, and running of videos and films. Online
grocery shopping and telemedicine, for order, are helping to avoid in-person
contact and reduce the risk of new infections. Video chats, movie streaming,
and online education make physical distancing measures more bearable.
Many restaurants that have had to close during the economic freeze, online
delivery services have become a lifeline. Teachers and consultants are
ongoing to work through video conferencing. Some businesses moving to
online orders will alternative to cash-on-delivery, either because they cannot
accept online payments or because many of their customers cannot pay
electronically. The pandemic has emphasized the importance of digital
technologies in general, but also numerous exposures across the world. The
subsequent experiences and those on electronic commerce, which could
benefit from looking at greater international cooperation to facilitate the
cross-border movement of goods and services.