The Impact of the Novel Coronavirus Outbreak on the Development of Digital Economy in Commodity Countries

Abstract

The coronavirus pandemic, which has already affected more than 200 countries, has had far-reaching consequences on the economy of the world with small businesses shutting down, employees switching to home offices, and the closure of schools and universities. The outbreak resulted in many businesses putting an increased emphasis on providing online services. Companies that provide tools for managing online businesses are currently benefitting the most which indicates that crises of such nature bring opportunities for online companies. This is due to the fact that businesses, when faced with a crisis, tend to reduce their expenses, seek to efficiently allocate their resources, and search for any possible sources of income to compensate for losses. Thus, a start-up with a prompt solution that makes a timely offer will snatch up a jackpot. The current economic environment calls for conditions for the digitalization of industries and the digitalization of daily life.