The coronavirus pandemic is an unprecedented challenge on a global scale. In just a few short months, the COVID-19 outbreak has disrupted trade, brought the travel industry to its knees and wiped trillions of dollars from stock markets worldwide.
All over the world, containment measures are crippling production and spending, with a momentous economic impact. According to the United Nations’ trade and development agency, the novel coronavirus could cost the world economy at least $1 trillion.
In India, as in many emerging markets, the economic fallout could outlast the health crisis itself. Barclays predicts that India’s 21-day lockdown alone could reduce GDP growth to 2.5 percent – down from its earlier estimate of 4.5 percent.
India’s corporate community will need to put sound business continuity plans in place to endure a pandemic of this scale, especially when so many organizations are having to suspend or limit operations during the lockdown period while still paying wages, taxes, electricity and other expenses.