The 4 Most Sustainable Industries, From Health To Education

Illustration (variami/Pixabay)

YOGYAKARTA The warning about the 2023 recession has made entrepreneurs nervous because it will give a severe blow to business continuity. However, certain industrial sectors are considered to have good resistance to recession. So, what is the most recession-resistant industry?

Professor of Economics at Harvard University and Former Economist in the US Department of the Treasury Karen Dynan, there are four industrial sectors that have good durability to recession. The four industries are health, government, technology, and education, as quoted by VOI from CNBC, Wednesday, October 19, 2022.

The following is a review of the four industrial sectors.

The health industry is one of the industries that is resilient to recession. Despite the economic crisis that hit the world, as long as there are still people, the health sector will continue to work.

Pada pandemi COVID-19 lalu, jasa kesehatan adalah sektor yang paling tumbuh. Setelah penyebaran virus corona SARS-CoV-2 mulai meredar, industri layanan kesehatan juga semakin ditingkatkan.

Evidence that the health industry will remain resilient to the recession can be seen from patient visits that are never quiet from small clinics to large hospitals.

As is known, recession is a condition where the economy of a country is deteriorating. The recession is marked by a decline in gross domestic product (GDP), an increase in the number of unemployed, and negative economic growth for two consecutive quarters.

Well, from many industrial sectors, government becomes the sector that is most resilient when the economy occurs. This sector includes all institutional units, be it the central government, regional governments, and state governments.

The government has an important role in economic and business aspects. This is because the government can implement various policies and regulations that can affect economic activity.

Another sector that has resistance to recession is the technology and computer industry.

According to a Wall Street Journal report, one of the industries that experienced the fastest growth in the major depression that hit the United States was the information technology sector.

This growth can be seen from the large number of upper and middle class groups who continue to replace gadgets with the latest and most sophisticated series. Not only that, they also installed a high-level security system to protect their homes from crime.

Thus, it can be assumed that the upper and middle class people are trying to enjoy the sophistication of technology to make it easier to live their daily lives.

In the world of work, the existence of advanced technology can also increase productivity.

In essence, society will continue to depend on technology. This condition makes sectors related to information technology such as credit providers, internet quotas and supporting accessories able to survive if faced with difficult economic situations.

Education is an industry that has a strong resistance to recession. Together with the health sector, education or education is an irreplaceable need. It doesn't matter how bad economic conditions are, students and students still have to get an education.

When the SARS-CoV-2 corona virus outbreak spreads very quickly throughout the world, the education sector continues. Students can study safely at home after utilizing technology.

That's information about industries that can withstand the most recession. You don't have to worry when there is a recession, because the economic situation is difficult to overcome by preparing emergency funds.