The Financial market is imploding due to the break out of the coronavirus, airlines are being shutdown. Even schools and tertiary institutions did not escape this. Sparked by Covid-19 induced recession, the Lagos state government is also putting restrictions on services for churches and Islamic outfits.
Experts in America are saying a recession — sparked by the virus and the disease it causes, COVID-19 — is already underway, despite the Federal Reserve’s extreme measures to prevent one. The Nigerian senate in a bid to prevent the economic recession sparked by the virus approved a foreign loan of $22.5 billion.
The economy has been with its ups and downs. But if this downturn has finally arrived, and it’s about to take a turn for the worse, then we ought to get ready to protect ourselves from the adverse financial impact.
Read measures you can take to adapt to the effects of the recession below.
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Beef up your resume
Apple stores, Tesla plants, and many companies around the globe have stopped operations due to the spread of Covid-19. Some companies and startups in Nigeria have initiated the ‘work from home’ strategy, others due to the fall of dollar rates as against Naira, have switched to the no sale protocol for fear of losing out on profits.
Fortunately, some companies are still working, though requiring employees to work from home. Keeping touch via instant messaging and engaging meetings via video chats.
Fret not if you fear of losing your job in a recession or already in that position. Beef up your networking on LinkedIn, use the internet well, search for freelancing jobs online. Review and update your resume. Also, ensure it looks professional, and add any additional skills or experience you’ve gained recently.
Pay off debts
Paying off a large number of debts owed while you can, will be of great benefit when the economy struggles to find back it’s balance; If it ever finds back its balance. Recession effects are hard to shake off.
Improved productivity
When decisions are made to cut jobs, many factors are taken into consideration to who stays and who goes. Improving your productivity and becoming a valuable employee, could increase your odds of staying employed in times of recession. Punctuality, team player and reliability are recommended to improve your productivity.
Side gig or hustle
It will be wise to start or have a side hustle. The Coronavirus forces many to stay at home. No works, no outing. You need to earn, while the companies are shut down. Use skills and experience to find gigs that could run a few hours per day or week. Create jobs or services on medicine and food. They will be on-demand.
Expenditure & income
Malls and marketplace will be on lockdown. Stock your home and get ready for Covid-19 induced recession. You can do this through proper budgeting and preparation. Write out your entire spending for the month: Internet bills, groceries, provisions, and essentials. Also, trim your budget and stick to it.
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