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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.

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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.

Contact Us

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.

Author

Debra A. Dandeneau is chair of Baker McKenzie's Global Restructuring and Insolvency Group and chair of its North America Restructuring and Insolvency Group. Her practice focuses on business reorganizations and debtor and creditors’ rights. Debra has been ranked by The Best Lawyers in America 2011-2017 in the practice areas of Bankruptcy and Creditor-Debtor Rights / Insolvency and Reorganization Law, and Litigation–Bankruptcy. She has also been recognized by Legal 500 US for Municipal Bankruptcy and Super Lawyers 2006-2017 for Bankruptcy. Super Lawyers has also named Debra among the 2017 Top Women for Bankruptcy Business in New York.

Author

Martin David is a principal in the Finance and Projects Practice Group at Baker McKenzie Wong & Leow and heads the Projects practice in Asia and Singapore.

Author

Michael F. DeFranco currently serves as Chair of the Firm's Global M&A Practice Group. He advises clients on transactional matters, including mergers and acquisitions, securities law compliance, corporate governance issues and disclosure concerns. His extensive experience includes representing multinational companies in both public and private acquisitions and divestitures.

Author

Susan Eandi is the head of Baker McKenzie's Global Employment and Labor Law practice group for North America, and chair of the California Labor & Employment practice group. She speaks regularly for organizations including ACC, Bloomberg, and M&A Counsel. Susan has been published extensively in various external legal publications in addition to handbooks/magazines published by the Firm. Susan has been recognized as a leader in employment law by The Daily Journal, Legal 500, PLC and is a Chambers ranked attorney.

Author

Stanley Jia is the chief representative of the Beijing office of Baker McKenzie. He has extensive experience working on foreign indirect investment projects in China, particularly those involving the energy, oil & gas and automotive sectors. Mr. Jia is ranked among the leading lawyers for corporate/ M&A in China by Chambers Asia Pacific, Chambers Global and Legal 500 Asia Pacific. He is also listed among the top lawyers for projects and energy in Legal 500 Asia Pacific, and for project finance in IFLR 1000.

Author

Adam Farlow heads the Firm's Capital Markets practice in Europe, Middle East and Africa. He is a New York and English qualified partner based in London. He has extensive experience in US securities laws and transaction management. He has been elected as a Life Fellow of the American Bar Foundation and serves on the Council of the American Bar Association Section of International Law.

Author

Mattias Hedwall heads Baker Mckenzie's Global International Commercial & Trade Group and supervises the International Commercial & Trade Group in Stockholm. He joined Baker McKenzie in 1996 and has more than two decades of legal experience. Mattias has for many years been on the Stockholm office’s board of directors and is currently the chairman of the board. Mattias has authored a number of articles on Swedish and International Business and Commercial law, and has published a handbook on commercial contracts. He gives presentations and trainings on focus areas where he is experienced. Mattias supervises the Baker McKenzie co-operation with Stockholm School of Economics (Sw. Handelshögskolan).

Author

Manuel Padrón-Castillo has been practicing with Baker McKenzie since 1992. He is the National Coordinator of the Foreign Trade and Customs Practice Group in Mexico, the Firm's Latin American Regional Coordinator of the International Commercial & Trade Practice Group, and member of the Steering Committee for the Global Automotive Industry Group. During his professional practice, Mr. Padron-Castillo has extensive experience in the manufacturing “maquiladora” industry in all matters associated to their business planning and compliance. He concentrated his practice in the representation of foreign investors doing business in Mexico.

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Nandakumar (Kumar) Ponniya is a principal in the Dispute Resolution Practice Group in Singapore. Kumar is seasoned in international arbitration with a focus on building, infrastructure and construction law. He regularly advises on infrastructure projects such as rail systems, oil and gas facilities, and utilities plants, as well as commercial and residential developments across the Asia Pacific region. Kumar is listed as a leading dispute resolution lawyer in Singapore, with Chambers Asia Pacific 2012 noting that he "has a full and comprehensive knowledge of international arbitration and good analytical skill in dealing with cross-border commercial disputes." Chambers Global 2013 has described him as "extremely technically proficient and commercially savvy." He has been listed in the Guide to the World's Leading Construction Lawyers 2013 and further identified as a "rising star" in the Guide to the World's Leading Experts in Commercial Arbitration 2013. Benchmark Asia Pacific 2013 has recognized him as a "leading disputes star" and "leading litigation star" in Singapore.

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Author

Anahita Thoms ist Partner bei Baker & McKenzie Partnerschaft von Rechtsanwälten und Steuerberatern mbB

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Peter Tomczak is a member of the Steering Committee of the North America Litigation Practice Group and of the Global Pharmaceuticals Practice Group of Baker McKenzie. He joined Baker McKenzie in 2003, after having served as a law clerk for the Delaware Court of Chancery. His principal areas of practice are corporate internal investigations and complex business disputes. Mr. Tomczak also serves on the American Bar Association’s Global Anti-Corruption Task Force.

Author

Jennifer Trock is chair of Baker McKenzie's International Commercial Practice Group and a member of its Global Aviation Group in Washington, DC. She co-leads the Firm's unmanned aircraft systems (UAS) focus team and is the Chair of the ABA's Forum Air & Space Law. Jennifer has been recognized by Chambers USA, Aviation Regulatory – National (2007-2019) and has also received honors from Euromoney’s Guide to the World’s Leading Aviation Lawyers, Infrastructure Journal and The Washingtonian.

Author

Grace Tso is a partner in Baker McKenzie's Hong Kong office. She has completed an attorney transfer program in the Chicago office.