The economic landscape appears bleak, especially with travel bans, city lockdowns, and other quarantine orders seriously affecting many economic and social activities not only in Singapore. In times like this, profits may decline, thus securing a job for many people is tough.
In this article, you will find out the industries and businesses that are doing well despite the current pandemic and economic recession. If you are a local who is yet to decide on better job opportunities to go for or an expat who is seeking to improve your chance for the approval of your Singapore Citizen Application or PR Application in this post-pandemic, consider the following recession-proof industries and businesses.
- Essential services
Despite any economic downturns, people still need food, grocery items, public transport, and utilities. These essential needs should remain accessible and operational. So, if you can supply these things, then you can get rid of the recession.
- Healthcare
The Healthcare industry continues to flourish and remains a crucial service no matter the time. Our medical front liners including doctors, ambulatory medical facilities, nurses, care ambassadors, and temperature screeners play a vital role in helping us preserve our well-being and recover from illnesses. This also holds true to our veterinarians who provide health services for our animals.
Clinics, hospitals, and diagnostic centers can be fully occupied during the surge while medical equipment may prompt demands in future recessions.
- Delivery
Due to the current pandemic which requires much stay at home in order to flatten the curve of the coronavirus infection, dependency on supply delivery whether at home or in the office escalated.
Since the market is broad, you will have more deliveries and pick-up bookings for food, parcels, and documents; and even shop for products from stores near the customer.
And even when the pandemic is over, this kind of service will continue to expand because of the added convenience and comfort to Singaporeans.
- Corporate Cleaning Services
One of the most effective ways to control the spread of the virus is by cleaning. Cleaning services are mainly focused on public areas such as hospitals, grocery stores, banks, schools, hotels, and offices.
This huge task is in-demand, especially since more and more establishments are built.
- IT and Tech services
The call for a global quarantine dictates a work-from-home set up for employees. This entails an extension of IT and Tech services to their homes in order for these employees to cope up with their workload.
This has made the Singapore IT industry thrive amidst the recession. Not only the corporate offices require fast and reliable IT and technical services but also the entertainment industry (streaming service and production company). Movie-goers have since found love in movie marathons in the comfort of their homes.
- Freelancing
During an economic crisis when many workers can be laid off, it is always a smart idea to offer freelancing services alongside your current employment. It’s a great source of income especially in times when you still have to look for a new full-time job. You can actually experiment and explore various services.
Summary
Focus on things that remain essential. Observe customers’ behavior towards their buying decisions in this time of pandemic and that will help you come up with a recession-proof business idea.
