2020 comes to an end, and we take a look back at the bizarre range of events that the bidding community stood testimony to this year. With reports of the novel coronavirus appearing in several regions we could never imagine how it is going to impact our lives and the bidding community at large. Due to the increase in transmission countries went for complete lockdown and we were tied up to the limit of our homes. Bid Managers, Contractors and Companies were faced with an unprecedented series of events while the government had put a standstill on various projects and development ventures. COVID has dominated all over the last 12 months and caused significant changes in the tendering business like many others.
From boardroom meetings to virtual calls the Bid Managers, Contractors and companies have adapted to the new normal ways of business. Since countries went for a complete shutdown to curb the spread of this disease it caused a severe slow down in the economy as movement was restricted to essentials and health care. With the rising number of cases, governments eased out procurement rules and called out for suppliers to fulfill the overwhelming demand for masks, PPE kits, and other protective gear. Many businesses even changed their product line to fulfill the demand of the global healthcare sector.
Few months down, with Covid lockdown rules relaxation companies started to revive from the hit caused by the virus. Despite slower productions and lower sales organizations rapidly adapted to newer work models to make good for the gap created during the lockdown. Eventually, by the end of this year businesses are slowly getting back in place. As per U.S. Bureau of Economic Analysis following a record break fall of GDP by 31.4% in Q2, the US economy has expanded by an annualized 33.4% in Q3 which records for the biggest expansion post the coronavirus pandemic. The EU has adapted to various public procurement rules that are centered on boosting up the economy and prepare for future crises. With accelerated procedures and no minimum requirements, public procurement in the EU is carried on with the prime objective of meeting the urgent requirements of public administration and healthcare while maintaining transparent and fair competition. Bid managers are already looking out for newer opportunities in the government procurement projects and attempting to expedite their services to do good the damage caused during the lockdown.
We have immense faith that the coming year will prove to be more fruitful for you. At Tenderinfo, we standby to support you with projects that would revive your bid project pipeline with opportunities from your target interest areas and newer markets to look out for. Our team of 150+ researchers will notify you with insights into the public procurement plans in the EU, USA, and other regions while updating you with the upcoming projects and requirements for the same. Keeping the clutter out we will make sure you get daily access to insights and updates in your domain.