1. Almost all the business sectors (Airlines, hotel, tourism, transportation, remittance, export, import, ready made garments, Banks, cement, steels) will be affected due to coronavirus epidemic.
2. Only Pharmaceutical Companies, Hospitals, Soap & Mask Producers may get benefit due to coronavirus epidemic.
3. Coronavirus detection kit & Vaccine producer will make huge money.
4. Necessary goods (For Example: Food) producers will not be affected much.
5. Income level (Businesses & Salaried Person) will fall.
6. Price of Most of the products will fall due to lower demand (due to lower income).
7. Those who have high debt (Businesses & Individuals) will be seriously affected.
8. Government Revenue collection will fall.
9. Global Recession is predicted by the World’s Top Credit Rating Companies & Investment Banks.
So, Critical Situation is coming.
In this situation we must accept that almost all of us are going to be affected and may lose some money.
So, we must start taking preparation at very early stage to stay protected.
Top 10 Financial Advice to Stay Safe in the Probable Future Economic Downturn.
1. Keep Enough Cash
2. Cut Costs
3. Don’t Invest Much
4. Payoff Interest Bearing Debt
5. Keep Money in Stronger Banks or Financial Institutions for Security
6. Be Prepared for the Future Cost Cutting From Companies
7. Store Food (Unprocessed)
8. Have Plan to Buy Assets (Physical & Financial) at Lower Price
9. Government Should Give Incentives so that Consumption Does Not Decrease So Much
10. Have Focus on Safety & Security
Presented by Shihab Alam Khan on behalf of Finance School
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