The coronavirus outbreak poses a serious threat, not only to the global health, but also to the world economy, with unforeseen consequences so far. We are already witnessing the impact of the spread of the virus on many sectors of the economy and the existing danger for a global recession. AmChamGR monitors the situation, and we strongly recommend our member companies to encourage work from home for those who will not affect their operations. In addition, we recommend the use of various existing technology platforms for communication and virtual meetings. AmChamGR in its effort to inform its member companies and the wider business community in extent, has launched a temporary section on our website with updates, forecasts and best practices being posted by several affiliated organizations, state agencies and media which are offering a better understanding of that critical issue.
Drag On Global Growth, Modest Impact in U.S.
The spread of the coronavirus is a drag on global growth, which includes the United States. Growth in the United States will likely drop in the first quarter by 0.1% to 0.3%. Under this scenario, growth could fall under 2% in the first quarter.
China to Likely See Growth Fall Between 2% and 6%
Right now, some forecasters are predicting growth in China to fall from between 5% and 6% to between 2% and 3% in the first quarter, but that number could be substantially lower. Growth should rebound somewhat in the second quarter if the outbreak is contained soon, workers return to work, and factories resume production at meaningful levels. The continuing spread of the virus in Japan, Korea, Italy, and other markets is generating additional demand shocks and supply chain disruptions, with corresponding downside risk for U.S. and global growth. Some forecasters are warning of steep declines in U.S. corporate profits for 2020.
New Survey on Business Impact
A new flash survey released by our partners at the American Chamber of Commerce in China reveals an early look at how the outbreak is affecting U.S. businesses with operations in China. Among the key findings were widespread reports of travel delays and productivity declines. Nearly one-third of respondents say they are facing increased costs and significantly reduced revenue. This flash survey was conducted between February 17 and 20, 2020, and 169 member companies completed the majority of the questions. Survey respondents represent large, medium and small sized enterprises, including many with global operations and some with operations in Hubei, China and/or provinces surrounding the center of the COVID-19 outbreak.
Phase-adjusted estimation of the number of Coronavirus Disease 2019 cases in Wuhan, China
An outbreak of clusters of viral pneumonia due to a novel coronavirus (2019-nCoV/SARS-CoV-2) happened in Wuhan, Hubei Province in China in December 2019. Since the outbreak, several groups reported estimated R0 of Coronavirus Disease 2019 (COVID-19) and generated valuable prediction for the early phase of this outbreak. After implementation of strict prevention and control measures in China, new estimation is needed. An infectious disease dynamics SEIR (Susceptible, Exposed, Infectious, and Removed) model was applied to estimate the epidemic trend in Wuhan, China under two assumptions of Rt. In the first assumption, Rt was assumed to maintain over 1. Read more
European Parliament_ What if we could fight coronavirus with artificial intelligence?
Analytics have changed the way disease outbreaks are tracked and managed, thereby saving lives. The international community is currently focused on the 2019-2020 novel coronavirus (COVID-19) outbreak, first identified in Wuhan, China. As it spreads, raising fears of a worldwide pandemic, international organisations and scientists are using artificial intelligence (AI) to track the epidemic in real-time, to effectively predict where the virus might appear next and develop an effective response. Read more
McKinsey & Company_ Covid-19-implications-for-business: A range of outcomes is possible. Decision makers should not assume the worst
Less than ten weeks have passed since China reported the existence of a new virus to the World Health Organization. This virus, now known as SARS-CoV-2, causing COVID-19 disease, spread quickly in the city of Wuhan and throughout China. The country has experienced a deep humanitarian challenge, with more than 80,000 cases and more than 3,000 deaths. COVID-19 progressed quickly beyond China’s borders. Four other major transmission complexes are now established across the world: East Asia (especially South Korea, with more than 7,000 cases, as well as Singapore and Japan), the Middle East (centered in Iran, with more than 6,500 cases), Europe (especially the Lombardy region in northern Italy, with more than 7,300 cases, but with widespread transmission across the continent), and the United States, with more than 200 cases. Read more
World Economic Forum Strategic Intelligence
COVID-19, the potentially deadly coronavirus that emerged in China in late 2019, poses a serious threat to vulnerable populations. It also presents a challenge to the global economy on par with the financial crisis that spread slightly more than a decade earlier, according to the Organisation for Economic Co-operation and Development. In the worst case scenario, a broad spread of COVID-19 may grind global growth down to 1.5% in 2020 – a sharp decline from the 2.9% increase registered for 2019, according to the OECD. Around the world, desperate efforts are underway to contain the spread of what has become a profoundly disruptive outbreak. Read more
OECD Interim Economic Outlook_Coronavirus: the world economy at a risk
Covid-19 (coronavirus) has disrupted people’s life and the global economy • Activity has slowed dramatically in China on the back of containment measures • Negative spillovers via tourism, supply chains, commodities, confidence are growing• Weakened by trade and political tensions, the global economy is vulnerable • Containment measures and lower confidence would slow affected economies • Pressure on industries with structural difficulties (autos) or that are large employers (tourism)• Increase resources to the health sector and support the most vulnerable • Ensure liquidity buffers for affected industries worldwide • Coordinate health response, monetary and fiscal support across countries Read more
KPMG_ Mapping & Analyzing the Possible Impact of #Covid-19
Executive Summary of Economic Impact of Covid-19
• Our base case is -5.0% GDP growth in China for Q1 • China’s population self insures for health care which can deter sick individuals from seeking care. This combined with the suppression of data on the outbreak likely amplified the initial Wuhan explosion of the virus • The virus infected less than 0.5% of Wuhan’s population yet caused severe strain on the medical system • China’s firms are highly indebted making the likely economic impact a “U”rather than a “V” even with government measures to ease credit access and engage in loan forbearance • China comprises 16% of global GDP, Japan 6% and Korea 2%; however the supply chain impacts are greater
Developed Economies (OECD)
• Our base case for U.S. GDP is -0.9% for 2020 • With more advance warning and greater transparency, it stands to reason that absent virus mutations that make it more contagious, developed economies may have less adverse economic impact than China • Countries with the greatest percent of the population over 70 face the possibility of greater mortality rates • Countries with high levels of either household or corporate debt are more vulnerable to prolonged slowdowns if temporary economic shutdown impacts the ability to repay debt • The U.S., with 9.4% uninsured and 24% having no paid sick leave, may have greater risks than other OECD countries in terms of economic impact unless assistance programs are expanded • World Bank analysis of Ebola shows economic cost and “aversion behavior” cause 80% of the slowdown in GDP
State aid: Commission approves €12 million Danish scheme to compensate damages caused by cancellations of large public events due to COVID-19 outbreak
State aid: How Member States can provide liquidity?
Brookings_ What are the possible economic effects of COVID-19 on the world economy? Warwick McKibbin’s scenarios
Warwick McKibbin, non-resident senior fellow at the Brookings Institution, director of the Centre for Applied Macroeconomic Analysis in the ANU Crawford School of Public Policy, and director of policy engagement in the ARC Centre of Excellence in Population Aging Research (CEPAR), maintains a large economic model of the world economy, known as G-Cubed, that he is using to estimate the economic effects of the COVID-19 virus under seven scenarios. His analysis, “Global Macroeconomic Implications of COVID-19: Seven Scenarios,” is posted HERE. Read more
J.P.Morgan_ Coronavirus Is a Material Disruption to Q1 Global and Regional Growth
Since the World Health Organization (WHO) declared the coronavirus outbreak a public health emergency of international concern in January, it has spread across the globe. The WHO has raised its global risk outlook and announced more new cases outside of China than within for the first time on February 26th. The global drag will likely extend into the next quarter even as China recovers, and the threat of a global pandemic has replaced China spillover effects as the key downside risk to the global outlook. “We now forecast a 1Q20 stall in global GDP growth, representing the first time global growth has stalled outside of a recession,” said Bruce Kasman, Chief Economist, J.P. Morgan. Read more
Reuters Special Report_ Italy and South Korea virus outbreaks reveal disparity in deaths and tactics
In Italy, millions are locked down and more than 1,000 people have died from the coronavirus. In South Korea, hit by the disease at about the same time, only a few thousand are quarantined and 67 people have died. As the virus courses through the world, the story of two outbreaks illustrates a coming problem for countries now grappling with an explosion in cases. It’s impractical to test every potential patient, but unless the authorities can find a way to see how widespread infection is, their best answer is lockdown. Italy started out testing widely, then narrowed the focus so that now, the authorities don’t have to process hundreds of thousands of tests. Read more
McKinsey & Company_ Covid-19 Facts and Insights
The coronavirus outbreak is first and foremost a human tragedy, affecting hundreds of thousands of people. It is also having a growing impact on the global economy. Read more
www.visualcapitalist.com_ Visualizing the History of Pandemics
As humans have spread across the world, so have infectious diseases. Even in this modern era, outbreaks are nearly constant, though not every outbreak reaches pandemic level as the Novel Coronavirus (COVID-19) has. Today’s visualization outlines some of history’s most deadly pandemics, from the Antonine Plague to the current COVID-19 event. Read more
World Health Organization_ Coronavirus disease (COVID-19) advice for the public
Stay aware of the latest information on the COVID-19 outbreak, available on the WHO website and through your national and local public health authority. COVID-19 is still affecting mostly people in China with some outbreaks in other countries. Most people who become infected experience mild illness and recover, but it can be more severe for others. Read more
The Washington Post_ Why outbreaks like coronavirus spread exponentially, and how to “flatten the curve”
After the first case of covid-19, the disease caused by the new strain of coronavirus, was announced in the United States, reports of further infections trickled in slowly. Two months later, that trickle has turned into a steady current. This so-called exponential curve has experts worried. If the number of cases were to continue to double every three days, there would be about a hundred million cases in the United States by May. That is math, not prophecy. The spread can be slowed, public health professionals say, if people practice “social distancing” by avoiding public spaces and generally limiting their movement. Still, without any measures to slow it down, covid-19 will continue to spread exponentially for months. To understand why, it is instructive to simulate the spread of a fake disease through a population. Read more
Hellenic Business Angels Network
Call to the Greek government for immediate preventive measures against the imminent financial crisis to protect Greek startups in the face of the Coronavirus threat
Steve Blank | 17 Mar 2020_ The Virus Survival Strategy For Your Startup
Social isolation and a declared national emergency have had an immediate impact on industries that cluster people; conferences, trade shows, airlines/cruise ships and all types of travel, the hospitability industry, sporting events, theater and movies, restaurants and schools. Large companies are sending employees to work at home. Large retail chains are shutting down their stores. While the impact on small businesses and workers in the “gig-economy” hasn’t made the news, it will be worse for them. They have fewer cash reserves and less margin of error for managing sudden downturns. The ripple and feedback effect of all of these closures will have a major impact on our economy, as each industry that gets impacted puts people out of work, and those laid off workers don’t buy products and services. Read more
Deloitte_ The heart of resilient leadership: Responding to COVID-19
Five fundamental qualities of resilient leadership distinguish successful CEOs as they guide their enterprises through the COVID-19 crisis. Learn specific steps that can help blunt the crisis’s impact—and enable your organization to emerge stronger. Read more
EY_ Coronavirus (COVID-19): The most important labor law updates in Greece
The Ministry of Labor and Social Affairs issued a) the circular 12339/404/12.03.2020 with clarifications on a series of measures on how to deal with Covid-19 in everyday work life b) the decision 12338/Δ1.4372 by virtue of which new formats of ERGANI (On line reporting system of the Ministry of Labor and Social Affairs) templates are provided in order to enable the reporting of working schedules during the crisis period. In addition the Legislative Decree dated 14.03.2020 provides as well for measures related to the support of employment. Read more
McKinsey & Company_ Leadership in a crisis: Responding to the coronavirus outbreak and future challenges
For many executives the coronavirus pandemic is a crisis unlike any other in recent times. Five leadership practices can help you respond effectively. Read more
Ogilvy_ Making brands matter in turbulent times
The past weeks have been filled with extraordinary challenges. While we work relentlessly with our clients on the short-term challenges to support their businesses, we also revisited SARS and the 2008 Global Economic Crisis. We looked for potential learnings on how some brands found ways to rebound stronger, how new business models were shaped during crisis and how bold moves and timely investment enabled winning brands to gain disproportionate share. We have looked at how we can apply these learnings, our understanding of today’s environment and the specific situations surrounding COVID-19 to come up with actionable guidance for brands. Read more
KPMG_ Tax & Legal Services considerations -The impact of COVID-19 on tax compliance
As businesses work to respond to the impacts and uncertainties of the novel coronavirus (COVID-19), it’s important to stay on top of the measures that governments are taking in regards to tax deadlines and reliefs, as well as the tax impacts of other business decisions such as employee relocation. Read more
Harvard Business Review_ A Guide to Managing Your (Newly) Remote Workers
In response to the uncertainties presented by Covid-19, many companies and universities have asked their employees to work remotely. While close to a quarter of the U.S. workforce already works from home at least part of the time, the new policies leave many employees — and their managers — working out of the office and separated from each other for the first time. Although it is always preferable to establish clear remote-work policies and training in advance, in times of crisis or other rapidly changing circumstances, this level of preparation may not be feasible. Read more
Bain & Company_ Coronavirus: A CEO’s Dress Rehearsal for the New World
Business leaders are sharing five key messages with teams to prepare them for turbulence today—and tomorrow. Read more
EFPIA_ European pharmaceutical industry response to COVID-19
As the impact of COVID-19 continues to be felt across the world, the biopharmaceutical industry in Europe remains committed to global efforts to care for those affected, contain the outbreak and develop resources to tackle future outbreaks. EFPIA members are heavily engaged in the Innovative Medicines Initiative (Call 21) to fast track collaborative research, identifying any suitable assets in their libraries that could be utilised to develop diagnostics and treatments in the fight against COVID-19. In addition, the industry in Europe is providing financial support and in-kind donations to organisations on the ground as well as working closely with European, Chinese, and Global health authorities to combat this global public health emergency. Read more
Atlantic Council_ How coronavirus is shaking the global economy
Group of Seven (G7) governments pledged coordinated action on March 16 to do “whatever is necessary” to support the global economy and mitigate the impact of the spread of the COVID-19 virus. The statement followed their emergency video conference call and comes on the heels of several central bank actions over the past week of a scale and reach not seen since the onset of the global financial crisis in 2007-08. COVID-19’s deadly spread delivers a trifecta economic shock: there is a collapse of aggregate demand through severely reduced consumption, a shock to global business through supply chain interruptions and bankruptcies, and resulting financial market gyrations. Read more
U.S. Chamber of Commerce_ Quick Take: Coronavirus’ Economic Impact
Fill me in:
The Coronavirus (COVID-19) was first identified in Wuhan, China and reported by the World Health Organization on December 31. It has now spread to many countries across the globe. The United States has also been impacted with cases reported in almost every state and the District of Columbia. For the latest, visit the Centers for Disease Control and Prevention’s (CDC) website.
In the U.S., it’s important that individuals stay informed and prepared. Americans should follow the advice from the CDC, relevant state and local authorities, and health care professionals. Public health is a shared responsibility. Communities, businesses, and individuals can and should take measures to reduce the spread of COVID-19. The CDC has advice on how families, schools, and businesses can plan for and respond to the virus. Read more
S&P Global Global Ratings_ COVID-19’s Darkening Shadow
– More severe impact on growth: With COVID-19 now present in more than 70 countries, the global macro impact has doubled since our last update on February 11. We estimate it will now take 0.5 percentage points (ppt) off our 3.3% GDP growth baseline (from December 2019). This depends on the assumption that the epidemic will subside during the second quarter of the year. We now estimate that China’s 2020 GDP growth could be lower by 0.9 ppt to 4.8% this year; and the euroarea by 0.5 ppt and Italy, by about 0.7 ppt. Growth in the more-insulated U.S. economy is expected to be lower by 0.3 ppt.
– Industry impact: Industries reliant on consumer discretionary spending (e.g., travel, highend retail) and cross-border supply chains (e.g., auto, electronics, chemicals) are particularly exposed from a credit perspective, with increased pressure on revenues and earnings.
– Deteriorating financing conditions and policy responses: After an initially optimistic view,
markets have reacted with alarm to the global spread of the disease—a 12% drop in global equities since recent highs, virtual closure of the bond market, and the sharpest spreadwidening in history. Key risks are higher funding costs for more-leveraged borrowers and capital outflow risk for emerging markets that have high external imbalances. Monetary and fiscal policies—already in train with policy-rate cuts from Australia and the U.S.—could help calm markets facing high volatility and uncertainty, although market illiquidity may remain challenging until the severity of the epidemic becomes clearer.
– Risks remain to the downside, given uncertainty about when the crisis will peak: Downside risks to our baseline are contingent on whether the epidemic persists beyond second quarter 2020 or escalates into a full-blown pandemic. In any event, uncertainties remain about when the health situation, macroeconomy, and markets will stabilize. This is reflected in our assessment of the global risk trend for the COVID-19 epidemic as worsening, while currently maintaining our risk level assessment at elevated. Read more
McKinsey Digital_ The CIO’s moment: Leadership through the first wave of the coronavirus crisis
It’s already clear that CIOs during the coronavirus outbreak are playing a central role in navigating the crisis, even as companies grapple with the implications. CIOs are facing the greatest challenge of their careers. We are seeing infrastructure breakdowns, denial-of-service attacks, and sites going down because of traffic load. Even as companies grapple with the implications of the COVID-19 pandemic, it is already clear that CIOs are playing a central role in navigating the crisis. Read more
U.S. Chamber of Commerce_ Letter from US Chamber to President Trump
Dear Mr. President, Speaker Pelosi, and Majority Leader McConnell:
The U.S. Chamber of Commerce and its members applaud the Administration and Congress for their recent actions to protect the American people from the spread of the Coronavirus and mitigate its direct and indirect economic effects. The national emergency declaration and the strong, bipartisan relief legislation providing targeted relief will deliver needed support for workers and their families. The need to curtail and even suspend many aspects of commerce to reduce transmission of the virus are unprecedented, but now necessary. As a result, businesses of all sizes across the nation and across most every industry are experiencing a significant drop in revenue. Without revenue, many businesses are unable to pay their employees or meet other financial obligations. The Chamber believes that, for almost all businesses, this is a temporary event. Read more
Cicero Amo Strategic Advisors_ Comparative tracker of EU and Global Covid-19 measures
Find below an updated grid on measures taken to tackle the COVID-19 outbreak, detailing the response of the EU and its Member States and key global measures (UK, US, China, Hong Kong and Japan). Read more
Politico_ Coronavirus could slash German economy by over 20 percent: study
Germany and Greece have joined the ranks of European countries ordering their citizens to stay home to slow the spread of coronavirus, as the death toll continues to mount across the EU. After Angela Merkel announced Germany’s strict new measures on Sunday, which included a ban on meetings of more than two people outside the same household and the closure of nonessential businesses, the chancellor herself went into self-quarantine at home after a doctor who gave her a vaccination tested positive for coronavirus. Read more
Hit Horizons_ The impact of Coronavirus on directly affected European companies
Deloitte_ Practical workforce strategies that put your people first
In moments of uncertainty and concern, it’s not only about what leaders of
organizations do but equally how they do it that matters. COVID-19 is taking the world by surprise, causing a great deal of uncertainty and raising issues that require thoughtful, people-first responses. Read more
Endeavor Greece Survey_ 60% of Greek businesses are at risk of slowing down, but will not proceed to layoffs
In a sample of 100 fast-growing SMEs, half have already adapted their operating model or even their product, while 7/10 have automated more than 50% of their operations. Read more
Advisor_ visualcapitalist_ Black Swan Events: Short-term Crisis, Long-term Opportunity
Few investors could have predicted that a viral outbreak would end the longest-running bull market in U.S. history. Now, the COVID-19 pandemic has pushed stocks far into bear market territory. From its peak on February 19th, the S&P 500 has fallen almost 30%. Read more
European Central Bank_ ECB announces €750 billion Pandemic Emergency Purchase Programme (PEPP)
The Governing Council decided the following:
(1) To launch a new temporary asset purchase programme of private and public sector securities to counter the serious risks to the monetary policy transmission mechanism and the outlook for the euro area posed by the outbreak and escalating diffusion of the coronavirus, COVID-19. Read more
Reuters_ Mass move to work from home in coronavirus crisis creates opening for hackers: cyber experts
As people disperse to their homes to work and study because of the coronavirus pandemic, taking their laptops and company data with them, cyber security experts say hackers will follow, seeking to take advantage and infiltrate corporations. Read more
Forbes_ Leading In The Midst Of Uncertainty
The coronavirus pandemic has created massive uncertainty in our country and our world. In the coming days, weeks, and possibly months, work and life as we know it will change fundamentally. And while there is no real way to know exactly what will happen, how long it will last, and what the long-term impact of all of this will be, one thing is for certain…things are uncertain and probably will be for a while. Read more
Bain & Company_ Is Your Finance Organization Ready to Navigate the Coronavirus?
Many finance organizations have spent the past few years becoming more valued business partners. The disruption created by the coronavirus will test how much progress CFOs and their teams have really made. Read more
The New York Times_ Coronavirus Map: Tracking the Global Outbreak
The coronavirus pandemic has sickened more than 369,400 people, according to official counts. As of Tuesday morning, at least 16,294 people have died, and the virus has been detected in at least 165 countries, as these maps show. Read more
CNBC_ Cisco commits $225 million in fight against coronavirus as Silicon Valley initiates investment blitz
- Cisco is committing $225 million in the fight against the coronavirus.
- The $225 million is “in cash, in-kind, and planned-giving to support both the global and local response to COVID-19,” Cisco’s CEO said.
- The effort comes as Silicon Valley starts to invest into a variety of groups that are looking to take on the coronavirus. Read more
The Washington Post_ How epidemics like Covid-19 end (and how to end them faster)
The New York Times_ Some Countries Are Better Armored for Epidemics Than Others
No European country is escaping the economic consequences of the coronavirus, but the pain won’t be divided equally. Southern Europe, which bore the brunt of the last big economic crisis, will suffer the most. Countries like Greece and Italy depend heavily on tourism and are still suffering the lingering effects of the eurozone debt meltdown over the last decade, including austerity programs that left their health care systems ill prepared for a pandemic. Read more
World Economic Forum_ Why decisive health action matters more than financial decisions in the COVID-19 crisis
In an effort to get a handle on the economic and financial consequences of the COVID-19 pandemic, the first instinct is to search for precedents and remedies in earlier crises. Many have pointed to the 2008 global financial crisis (GFC) as the most relevant example, especially in the aftermath of the extraordinary monetary-policy actions announced by the US Federal Reserve on March 15. That would be an unfortunate mistake. Read more
Forbes_ The Coronavirus Effect: Here Are The Jobs That Will Be Added And Lost
The coronavirus has changed the job market almost overnight. The global outbreak has seriously impacted the economy and job security. It will have long-lasting, game-changing ramifications. There will be sectors, companies and workers that may benefit from this near-tragedy. Unfortunately, we will also witness industries that are severely harmed. People in these areas will lose their jobs and have extreme difficulties finding new ones. Read more
Harvard Business Review_ How Bad Times Bring Out the Best in People
It’s easy to look around and see how the Covid-19 crisis has brought out the worst in some people — from hoarding thousands of bottles of hand sanitizer to crowding bars and restaurants despite public-health guidelines. Time and again, individuals and communities have demonstrated that the worst situations tend to bring out the best in people and the organizations to which they belong. In every moment of darkness, it seems, there are countless moments of light — small gestures of compassion and connection that allow people to show who they are, how they want to live, and what matters to them. Read more
Bain & Company_
Marketing for “Somewhat Bad” or “Really Bad”
The coronavirus outbreak is forcing companies to recalibrate their scenarios. Read more
How to Make Your Teams Stronger in a Crisis
Well-functioning teams will be critical to making it through the coronavirus crisis and then thriving after. Read more
OECD_ Tackling the coronavirus (COVID-19)- Contributing to a global effort
What are the impacts and consequences of the coronavirus pandemic on our lives and our societies – and what are some of the solutions we can find to boost our healthcare systems, secure our businesses, maintain our jobs and education, and stabilize financial markets and economies? Read more
Emergency Tax Policy Responses
Chicago Booth Review_ To treat COVID-19’s economic impact, start by keeping the lights on
How should we think about containing the COVID-19 economic crisis?
Christmas lights, when I was a kid, were wired in series. If one light bulb blew, the whole string went dark. My Depression-era parents taught me to fix it by checking each bulb, one-by-one, all one hundred of them. The tree was dark for a long time. But since bulbs were expensive and labor was cheap back then, the prolonged darkness was worth it. Read more
McKinsey & Company_ Beyond coronavirus: The path to the next normal
The coronavirus is not only a health crisis of immense proportion—it’s also an imminent restructuring of the global economic order. Here’s how leaders can begin navigating to what’s next. Read more
International Tax Review_ Managing the tax impact of the coronavirus
The global outbreak of COVID-19 is significantly affecting businesses and their employees, as well as the wider domestic and global economies. To help tax professionals understand the tax impact, ITR is offering a digestible range of articles. Read more
Strategy + Business_ What CFOs think about the economic impact of COVID-19
A PwC survey of CFOs conducted during the week of March 9, 2020, in the U.S. and Mexico reveals 80 percent are concerned the coronavirus global health emergency will lead to a global economic recession. More than half believe the outbreak could have a significant impact on their business operations (54 percent) and will decrease their revenue or profit (58 percent). Read more
Harvard Business Review_ 8 Ways to Manage Your Team While Social Distancing
The Covid-19 virus has disrupted and rearranged the workplace with breathtaking speed. In the span of a week, organizations across every sector have sent millions of employees home to work remotely. Without warning — and in many cases, without preparation of any kind — managers have been thrust into the position of leading virtual teams, many for the first time. Read more
Bain & Company_ A CEO Plan for Coronavirus: Actions to Take Now
The Covid-19 outbreak is unlike any previous crisis: traditional crisis-response approaches will not be sufficient. CEOs need to act now, and act aggressively. Read more
Atlantic Council_ Is China winning the coronavirus response narrative in the EU?
lthough the Chinese government has been heavily criticized for its failure to slow the spread of the virus in December and January, and even to go as far as to cover up its existence for weeks, Beijing has looked to increase its aid campaign to overwhelmed European governments. In the last two weeks, China has sent masks, gloves, ventilators, and medical experts to help Italy, Spain, France, Greece, the Czech Republic, and other countries to help them deal with the outbreak. Read more
Internal Revenue Service_ Tax Day now July 15: Treasury, IRS extend filing deadline and federal tax payments regardless of amount owed
The Treasury Department and Internal Revenue Service announced today that the federal income tax filing due date is automatically extended from April 15, 2020, to July 15, 2020. Taxpayers can also defer federal income tax payments due on April 15, 2020, to July 15, 2020, without penalties and interest, regardless of the amount owed. This deferment applies to all taxpayers, including individuals, trusts and estates, corporations and other non-corporate tax filers as well as those who pay self-employment tax. Read more
Bain & Company_ Defending Retail against the Coronavirus
For many retailers around the world, the COVID-19 outbreak is now a reality rather than a looming threat. Having watched Chinese retailers striving to meet the needs of both their workers and their customers in the early stages of what has become a pandemic, executives in a host of countries find themselves stepping up to the same challenge. South Korea, Japan, Australia, Italy, France, the US, the UK—the list grows. Read more
Harvard Business Review_ Why You Should Become an Intrapreneur
Do you try to learn new things at work?
Do you ask your boss to coach or mentor you?
Do you often take on more tasks than your role formally requires?
If you answered “yes” to these questions, you are probably already job crafting, which is defined as the ability to make your job more meaningful by aligning it with your interests and values. Read more
Tax Foundation_ Tax Policy And The Coronavirus
As the U.S. federal, state, and local governments, as well as countries around the world, are implementing emergency measures to support their economies amid the coronavirus (COVID-19) threat, our experts are providing trusted analysis of the latest tax policy developments to better inform policymakers, journalists, and taxpayers. Read more
World Economic Forum_ AI can help with the COVID-19 crisis – but the right human input is key
- Artificial intelligence can help address coronavirus – if applied in a creative way.
- It is up to us to identify new and innovative ways to leverage what AI can do.
- Examples include identifying patterns in coronavirus-related research and helping with diagnostics.
Artificial intelligence (AI) has the potential to help us tackle the pressing issues raised by the COVID-19 pandemic. It is not the technology itself, though, that will make the difference but rather the knowledge and creativity of the humans who use it. Read more
Harvard Business Review_ 10 Digital Miscommunications — and How to Avoid Them
As COVID-19 spreads across the world, more and more of us are starting to work from home. In light of this global shift (and all of our heightened stress levels), it’s crucial to take steps to avoid miscommunication when working as part of a virtual team. Read more
MIT Technology Review_ The Covid-19 pandemic in two animated charts
The United States has just reached an unwanted milestone in the coronavirus pandemic: with more than 85,000 positive diagnoses, it now has more confirmed cases of Covid-19 than any other country. Although more people have died from the disease in other countries—Italy has now registered more than 8,000 fatalities, compared with 1,301 in the US—the world’s third-largest country is now officially the source of the world’s largest outbreak. Read more
Chicago Booth Review_ US companies are bracing for a big blow from COVID-19
The rapid unfolding of the COVID-19 pandemic has created grave concerns for the health and welfare of the US population and the economy. The economic worries are very apparent in financial markets. From the closing bell on February 21 through March 20, US equities fell more than 30 percent, and stock market volatility skyrocketed. Read more
IoT Business News_ Combating COVID-19 with 5G: Opportunities to improve public health systems
COVID-19 has put tremendous pressure on public healthcare systems and epidemic response mechanisms across the world.
In China, due to its vast landscape, large, highly mobile population and their complicated demand for resources, the effectiveness of communication and data exchange have been essential in screening for infected individuals, providing on-ground support to front line staff and controlling the outbreak. Thus, telecommunications operators collaborated with Huawei to rapidly set up a specific 5G network dedicated to COVID-19 treatment hospitals. In tandem with innovative applications, 5G is driving the transformation of emergency response mechanisms to become digital, accurate and smart. Read more
Strategy + Business_ Transformation requires trust
On December 3, 2019, a remarkable event took place in a hotel ballroom in Addis Ababa, Ethiopia. Forty top national leaders from every major political tendency, region, and ethnic and religious group stood on the stage — in front of national and international dignitaries and media, and broadcasting live to an even wider audience — and held hands and read a declaration of the actions they would take, together, to improve the country’s future. Read more
Deloitte_ Management checklist for the COVID-19 crisis
Areas to consider when you deal with the COVID-19 crisis. Read more
5 ways to build trust when your teams are working from home indefinitely
How do remote managers know their people are working? And how can remote employees show their bosses that they’re getting stuff done? Here are some trust-building exercises to get through the transition to remote work. Read more
What is ‘force majeure’? The legal term you’ll be hearing a lot during the coronavirus crisis
Businesses that find it impossible to fulfill contracts may be saved by clauses that void the contract due to acts of god. But “not all force majeure clauses are created equal.” Read more
McKinsey & Company_ Briefing Note on Covid-19
Harvard Business Review_
Coronavirus Is Putting Corporate Social Responsibility to the Test
For millions of Americans, the new relief law will be too little too late. It is expected to take three weeks for cash payments to reach laid-off employees and small businesses. Businesses may defer payments and cut costs, but employees who have lost their income without warning cannot wait three weeks to feed themselves and their families. For much of America, this is a crisis that requires immediate action that only companies can take. Read more
How Managers Can Support Remote Employees
In the global transition from corporate hallways to home offices, we’ve left something behind: meaningful access to managers. Gone are the instant answers to unblock progress, information streams that managers are privy to before the rest of the organization, informal feedback and coaching while walking together after a meeting, and predictable process and structures for communicating about work and ensuring mutual accountability. Read more
The Economic Times_Corporate Trends
Coronavirus is the ultimate litmus test for stakeholder capitalism
Stakeholder capitalism is about ensuring the long-term preservation and resilience of the company, and embedding a company in society. In this sense, a short-term economic crisis, like this Covid-19-induced one, reveals which companies truly embodied the stakeholder model, and which ones only paid lip service to it, while maintaining fundamentally a short-term profit orientation. Read more
McKinsey & Company_ When investors call: How your business should talk about coronavirus
The rapid spread of the novel coronavirus has sent governments, markets, and communities worldwide on a fervid search for answers—how long, how many, how much? Investors, too, are seeking facts about, among other things, how the global pandemic is affecting business operations, what companies are doing to protect employees and suppliers, what companies’ recovery plans entail, and whether companies have enough liquidity to withstand the pandemic. Read more
Deloitte_ The impact of COVID-19 in the Greek Banking Sector
The disruption and implications of COVID-19 are already imminent in the society and economy. Rapidly changing social norms, restrictions on transportation, slowdown in the level of economic activity, possible disruptions in the supply chain, high degrees of volatility in the markets and shock in the market sentiment constitute some of the preliminary challenges to deal with. Read more
Boston Consulting Group_ People Priorities in Response to COVID-19
The pandemic started slowly, but the curve is shooting up—and disruption is following. This has a major impact on workers and the economy. Companies all over the world are in crisis mode. Read more
KPMG_ Business continuity in a COVID-19 world: Tips to consider during the COVID-19 pandemic.
In this uniquely challenging environment, how can you make your business more resilient? The rapidly-changing COVID-19 picture means one false move can seriously impact corporate performance and value.
Here are some considerations for:
- turning things around rapidly
- overcoming financial difficulties
- coping with distressed situations
IE University_ Building Resilience
The COVID-19 pandemic has given a new meaning to the need of businesses, institutions and individuals to adapt to unexpected challenges. The pace of transformation brought by the digital revolution and globalization has suddenly gained an unprecedented speed. From business to technology, architecture to geopolitics and law, health and well being to two decades of online teaching, IE University and its community of faculty and experts want to share with the rest of the society their knowledge, tools, and experience to make sense of these complex challenges and to build resilience in these ever-changing times. Read more
McKinsey & Company_ Demonstrating corporate purpose in the time of coronavirus
Companies will define what they do in the crucible of COVID-19 response—or be defined by it. Here’s how to frame the challenge. Read more
Strategy + Business_ Leading through the duration of the COVID-19 emergency
The coronavirus crisis is unlike any we have seen in recent memory. Its impact on our collective physical, mental, and economic health has elements in common with the 1918 influenza pandemic, the wave of terror bombings in the early 2000s, and the economic crash of 2008. It’s an inflection point, beyond which our personal and professional lives will be changed in ways we can’t yet fully understand. Read more
Greek Travel Pages_ Greece_from_home_platform
Greece Invites the World to Keep in Touch… from Home
Greece is sending out a message to the world: to stay home – due to the current developments involving the coronavirus (Covid-19) pandemic – but at the same time to stay in touch through technology.
The Greek Tourism Ministry on Thursday announced the launch of the new online platform Greece From Home that looks to promote the country’s image to people all over the world and invites them to visit – not by traveling physically, but virtually – straight from the comfort and safety of their homes. Read more
KPMG_ COVID-19 | Financial reporting
- Have non-financial assets become impaired – e.g. PPE, intangible assets and goodwill?
- Are fair values appropriately determined?
- Will taxable profits be available to recover deferred tax assets?
- Have lease assets become impaired?
- Are revenue-cycle assets recoverable?
- How might capitalisation of borrowing costs be affected?
OECD_ Evaluating the initial impactofCOVID-19 containment measures on economic activity
n a rapidly changing environment, it is extremely difficult to quantify the exact magnitude of the impact of these measures on GDPgrowth, but is clear that they imply sharp contractions in the level of output, household spending, corporate investment and international trade. This note provides illustrative estimates of the initial direct impact of shutdowns, based on an analysis of sectoral output and consumption patternsacross countriesand an assumption of common effects within each sector and spending category in all countries. Read more
Bain & Company_ Socially Distanced, Collaboratively Close
Three months into 2020, the world is a very different place. For some, the personal and professional turmoil caused by Covid-19 has been ongoing for several months, for others, weeks or perhaps just days. It’s uncertain how long this challenging moment will last, so how can we all continue to collaborate and work together? Read more
Harvard Business Review_ Real Leaders Are Forged in Crisis
We are living through a global health crisis with no modern-day precedent. What governments, corporations, hospitals, schools, and other organizations need now, more than ever, are what the writer David Foster Wallace called “real leaders” — people who “help us overcome the limitations of our own individual laziness and selfishness and weakness and fear and get us to do better, harder things than we can get ourselves to do on our own.” Read more
EY_ Global Labor and Employment Law COVID-19 Tracker
The EY Global Labor and Employment Law COVID-19 Tracker provides a current snapshot of labor and employment law considerations from Law professionals in more than 40 countries around the world. The tracker includes information regarding employer rights, obligations, furlough and government incentives to assist companies in understanding the changing employer obligations around the world and apply it to their workforce. Read more
Deloitte_ Customer and Marketing
The customer of the future is here now, and engagement, experience, and loyalty strategies must evolve in response. Successful strategies require data-driven, creative, customer-centric approaches that leverage the latest technologies to deliver outstanding service and value to brands like yours. Read more
Crowe_ Free pandemic response app helps organizations harness data, make critical decisions
Organizations are tasked with managing risk and compliance across multiple jurisdictions while simultaneously protecting their workforce. In response to the emerging reality that most organizations need better data and tools for an efficient COVID-19 response effort, Crowe LLP, a public accounting, consulting and technology firm with offices around the world, has released the free Crowe Pandemic Response app to help during this unprecedented time. Read more
Singularity Hub_ What Will the World Be Like After Coronavirus? Four Possible Futures
There are a number of possible futures, all dependent on how governments and society respond to coronavirus and its economic aftermath. Hopefully we will use this crisis to rebuild, produce something better and more humane. But we may slide into something worse. Read more
Bain & Company_ Coping with Coronavirus: How Private Equity Firms Can Focus on What Matters Most
By definition, there is no universal playbook. The outbreak affects every portfolio company uniquely, requiring a tailored plan for each. Tactics like drawing down credit lines or aggressively managing working capital might work across the portfolio. But those are table stakes, not strategies. The real question is what to do next. Given limited time and resources, it is essential to triage portfolio companies by identifying the most pressing threats and drawing clear priorities. Read more
Fast Company_ Coronavirus is crushing the economy. Here’s how to bring it back to life
The lockdown will end before scientists develop a working vaccine. Here’s a four-point plan for how companies should adapt. Read more
BCG_ Investor Pulse #1
KPMG_ Banking tax impacts amidst COVID-19
It’s a rapidly moving picture in which new relief and support measures for businesses including banks and financial institutions are being announced by governments and authorities almost every day in countries around the world. One of the most important things for any bank is to keep pace with these developments and ensure they are able to factor the likely effects into their financial models and forecasts. Read more
MIT Technology Review_ Why the coronavirus lockdown is making the internet stronger than ever
Just like that, our internet connection has become an umbilical to the outside world. We now depend on it to do our jobs, to go to school, and to see other people. It is our primary source of entertainment. And we’re using it a lot. Read more
Deloitte_ Stepping in: The board’s role in the COVID-19 crisis_ Guidance for boards of directors
For boards of directors, a good response is likely to be rooted in a deep understanding of the role of the board— knowing when to step in and when not to, and how and when to engage in external activity—such as communicating with stakeholders, regulators, and others. The board acts as the ultimate stewardship body of the company, both guiding and supporting management in decisions around the fight for survival but also ensuring the company positions itself to emerge from the crisis stronger and more resilient. Read more
World Tourism Organization (UNWTO)_ SUPPORTING JOBS AND ECONOMIES THROUGH TRAVEL & TOURISM
This document was prepared by the World Tourism Organization (UNWTO) with the contribution of the Members of the Tourism Crisis Committee comprised of UNWTO, representatives of its Members States, the World Health Organization (WHO), the International Civil Aviation Organization (ICAO), the International Maritime Organization (IMO), and the private sector – the UNWTO Affiliate Members, Airports Council International (ACI), Cruise Lines International Association (CLIA), International Air
Transport Association (IATA) and World Travel and Tourism Council (WTTC). Read more
Accenture_ COVID-19: 5 new human truths that experiences need to address
COVID-19 has turned into a global crisis, evolving at unprecedented speed and scale. It is creating a universal imperative for governments and organizations to take immediate action to protect their people. It is now the biggest global event—and challenge—of our lifetimes. As such, it is changing human attitudes and behaviors today and forcing organizations to respond. However, the need to respond won’t end when the virus’s immediate threat eventually recedes. Read more
European Investment Fund_ Commission and European Investment Fund (part of EIB Group) unlock €8 billion in finance for 100,000 small and medium-sized businesses
The European Commission has unlocked €1 billion from the European Fund for Strategic Investments (EFSI) that will serve as a guarantee to the European Investment Fund (EIF), part of the European Investment Bank Group. This will allow the EIF to issue special guarantees to incentivise banks and other lenders to provide liquidity to at least 100,000 European SMEs and small mid-cap companies hit by the economic impact of the coronavirus pandemic, for an estimated available financing of €8 billion. Read more
BCG_ Sensing and Shaping the Post-COVID Era
COVID-19 and the containment polices aimed at controlling it have changed how we work and what we consume. History shows that such changes are not always temporary—crises can fundamentally reshape our beliefs and behaviors. How then can companies prepare for a post-crisis world, rather than hunkering down and waiting for a return to the past? Read more
World Economic Forum_ Emerging Priorities and Principles for Managing the Global Economic Impact of COVID-19
Governments and central banks in the economies most affected by the COVID-19 pandemic have rapidly mobilized to keep their economies on “life support” while societies fight the most dramatic health crisis of our time. Where is the economy heading in the current situation? How effective are the policy responses being deployed? What priorities and principles should guide actions by public and private sector leaders in response to the unfolding economic crisis? Read more
Deloitte_ European CFO Survey Spring 2020-A perspective on COVID-19
This edition of the European CFO Survey is chiefly focused on how business leaders and policy makers are adapting to the new, unpredictable environment brought about by COVID-19. Data was gathered between February 28th and April 2nd 2020 in 18 countries across Europe. Read more
Atlantic Council_ Coronavirus versus financial crisis: US policy responses compared
The economic shock delivered by the coronavirus is set to plunge the world economy into the second recession in a generation. Judging by US economic indicators, such as the record 3.3 million jobless claims for the week of March 15-21, the current crisis might eclipse the economic damage caused by the global financial crisis which lowered US gross domestic product (GDP) by 5 percent, eliminated almost 9 million jobs, and destroyed $19.2 trillion in household wealth. Read more
Tax Foundation_ Tracking Economic Relief Plans Around the World during the Coronavirus Outbreak
Countries around the world are implementing emergency tax measures to support their debilitated economies under the coronavirus (COVID-19) threat. Providing tax relief to the people and companies that are most affected, until the emergency abates, is welcome. Countries should consider tax relief measures because the health issue is creating a substantial economic shock. Taxes that require regular payments will impact the liquidity of businesses and households. Read more
McKinsey & Company_
Evolving the talent pool at the speed of emerging technology
By shifting the way leaders look at skills and talent, organizations can better prepare their companies for tomorrow’s challenges. Read more
Getting ahead of the next stage of the coronavirus crisis
First the virus, now the economic fallout—you need to launch your plan-ahead team. Read more
Coronavirus Is Changing How We Live, Work, and Use Tech—Permanently
Within a week, many world leaders went from downplaying the seriousness of coronavirus to declaring a state of emergency. Even the most efficacious of nations seem to be simultaneously confused and exasperated, with delayed responses revealing incompetence and inefficiency the world over. Read more
Coronavirus Is a Once in a Lifetime Chance to Reshape How We Travel
The transport sector has been impacted as much as any by the coronavirus. This isn’t a normal period of disruption, which is usually caused by failures in supply such as road accidents or industrial action. In this case it is the lack of demand that is the problem. Read more
Inc_ Bill Gates Says the Coronavirus Will Change Life Forever. Here’s How to Adapt
In a recent interview, Bill Gates shared some predictions about the new normal that can help companies.
“And let’s look to tourism– the tourism industry is definitely one of the hardest hit by the pandemic. But maybe you can learn from “Greece From Home,” a brilliant initiative by the Greek National Tourism Organization, in cooperation with Google. This site is also built on the principle of content marketing: using great online content to create a relationship with potential customers. Through YouTube videos and other content, creators give viewers a chance to tour archaeological sites and museums, experience beautiful scenes of nature, and even take “walking” tours or visit restaurants–all virtually, of course.” Read more
World Economic Forum_ Coronavirus: 5 predictions for how the economy might recover
- More than 50 economists were polled by Reuters, asking for their predictions for economic recovery after the coronavirus
- From a shrink as much as 6%, to 0.7% growth, here are the forecasts.
Will be it a U? A V? Maybe a W? Predictions for economic recovery after coronavirus-linked lockdowns are throwing up a medley of letters to indicate whether we can expect a bounceback, a slow-burn recovery or relapse. Read more
OECD_ Tax and fiscal policy should continue to support households and businesses through containment, then shift to bolstering recovery
Tax and fiscal policy responses are playing a critical role in limiting the hardship caused by containment measures, and should continue to do so as governments seek to support households and businesses, protect employment and pursue economic recovery from the global pandemic, according to new OECD analysis. Read more
Fast Company_ The coronavirus butterfly effect: Six predictions for a new world order
In chaos theory, the butterfly effect describes a small change that can have massive, unpredictable consequences. An insect flaps its wings and, weeks later, causes a tornado. The coronavirus is more like an earthquake, with aftershocks that will permanently reshape the world. Read more
Bain & Company_ A Guide to Leading through Uncertain Times
The Covid-19 crisis has changed the way we work together. Leaders can answer four key questions to overcome the challenges and effectively manage their teams. Read more
The Bridge Tank_ FLATTENING THE CURVE – A pan-European comparative analysis of the COVID-19 outbreak
A new report published by the Bridge Tank compares the outbreak of COVID-19 across ten major European countries. This ground-breaking analysis identifies the best and worst performing countries in Europe, and the reasons behind their respective performance in flattening the curve.
Greece is the best performing country in Europe, followed by Czechia (The Czech Republic) and Romania. Read more
EY_ Beyond COVID-19: Will you define the new normal or watch it unfold?
While addressing the now and planning the next, organizations must also consider the lasting shifts that could be the legacy of COVID-19. The COVID-19 pandemic is forcing an unprecedented social, economic, and business response. But once a sense of normality inevitably returns, what will “normal” look like? Read more
AmChamGR_ Survey on the impact of Covid-19 results
The survey’s results indicate that the majority of the participating companies are being affected by the virus impacts and they are expecting a decrease in their projected revenues. On the contrary, there are companies which are not, so far, affected by the COVID-19 outbreak and they are looking forward to prospect revenues increase. These companies are operating in the fields of food & beverages, technology and supply chain. It is noteworthy that most of the small companies (<50 employees) are anticipating a decrease of more than 50% of their revenues. Read more
Accenture_ COVID-19: 5 new human truths that experiences need to address
COVID-19 has turned into a global crisis, evolving at unprecedented speed and scale. It is creating a universal imperative for governments and organizations to take immediate action to protect their people. It is now the biggest global event—and challenge—of our lifetimes. As such, it is changing human attitudes and behaviors today and forcing organizations to respond. However, the need to respond won’t end when the virus’s immediate threat eventually recedes. Read more
Article by Guy Jubb, Honorary Professor, the University of Edinburgh Business School, and Chair, European Corporate Governance Institute_ Boards should now embrace and embed values and purpose for the benefit of all
Adapting and adjusting to change has always been critical to corporate success and survival, and adapting and adjusting to the Coronavirus and its consequences is no exception. Corporate governance isn’t set in stone and, as Coronavirus lockdowns gradually begin to unwind in many countries and states, boards have a responsibility to reflect on the implications for their companies. Shareholders and stakeholders would expect nothing less. New opportunities will have opened up and new risks will have come onto the radar. The attitudes of customers, employees and society have undoubtedly changed and many regulators will be training their sights on new KPIs and other regulatory assessment metrics for life after the crisis. Read more
Hellenic Republic_ Plan for the gradual easing of COVID-19 restrictive measures
A bridge of safety toward a new daily reality
Bain & Company_ Work before Play: Americans See a Long Road Ahead
Many Americans expect to return to work in the coming weeks and months, but much fewer expect to resume other nonwork and social activities in the near term. According to a recent Bain survey (conducted April 18–April 25), US workers plan to prioritize basic activities such as shopping in stores over more discretionary outings such as going to restaurants or attending large events, suggesting that a recovery for those industries could be delayed. Read more
Forbes_ How Remote Working Is Reshaping A Future New World Of Work
COVID-19 struck fast and hard. And most of us had to hit the ground running to accommodate our attitudes and habits as we started working from home. Under these conditions, business leaders had to consider more personal issues than ever to accommodate parents who are homeschooling and providing the tech equipment for teleworking. As a result of these accommodations, attitudes and habits have changed, and things will never be the same. Experts predict we won’t go back to “normal.” We will go back to “a new normal,” and that’s not all bad, according to many sources who cite the unexpected benefits of WFH. But what will that look like? Read more