COVID-19 has irrevocably changed the global economic landscape
As the business impact of the COVID-19 crisis continues to intensify, leaders in every industry are trying to protect the health and stability of their workforce, adapt their business models and build their recovery plans. While it has been widely publicised that the COVID-19 pandemic has the global economy on course for a sharp recession, evidence from our latest report also shows that the manufacturing sectors hit first and deepest by the downturn are also likely to see the quickest rebound.
Beyond COVID-19: Supply Chain Resilience Holds Key to Recovery sees us partner with Oxford Economics to explore the overall economic impact, the sectors most affected, and the criticality of supply chain risk management as companies seek to strengthen operations and business resilience. Among the key findings are:
- The global economy is set for a sharp, but short-lived recession with growth expected to average 0% for 2020. Global GDP growth will contract faster than during the 2008 global financial crisis and be at its weakest rate for 50 years.
- The automotive, textiles and electronics will be hit hardest by the pandemic, but these sectors are also likely to see the quickest rebound. Global manufacturing value-added output will rebound in 2021 with a 6% value-add in manufacturing output compared to 2019.
Gain more insight on COVID-19
The pandemic has been a wake-up call to many businesses about the importance of being able to mobilize rapidly, set up crisis management mechanisms and build the supply chain resilience that will see them through the other side.
Beyond COVID-19 Resources
Our Beyond COVID-19 Resource Center offers access to our full suite of legal and regulatory updates to help you understand, prepare and respond quickly to the significant challenges posed by the pandemic.
To discuss the business and legal implications for your company, please get in touch with your usual Baker McKenzie contact, or our dedicated COVID-19 team.