McKinsey & company has established an insightful report regrading Coronavirus COVID-19’s effect on global business.
In this report which was published on February 28, it is shown that a rising number of countries show evidence of community transmission:
By the spread of the virus outside China, countries effected tend to make more action. Iranian government decides to close schools, universities and cultural centers. Also Surrounding countries responded with border closure (e.g., Armenia, Afghanistan, Iraq).
Even limited propagation within the Europe complex (e.g., to France, Germany), and concern around “case leakage” could cause large behavior changes by governments, firms, and individuals (e.g., curtailment of travel). Regardless of the precise clinical situation, such actions could easily drive a global economic impact that takes longer to recover from relative to previous estimates:
The report presents three main scenarios for how COVID-19 could evolve which are quick recovery, global slowdown and global pandemic and recession.
As it is mentioned in the report, all sectors are impacted, with several seeing more severe consequences through Q2 2020 through the rest of the year, the most affected ones are tourism and hospitality, aviation/airlines, automotive, oil and gas, consumer products and consumer electronics and semi-conductors.
But what are the actions to consider in response to COVID-19?
McKinsey & company provides a checklist for COVID-19 planning actions:
Protect employees, Stand-up a cross-functional COVID-19 response team, Work stream based goals, Practice plan with top team through in-depth table-top exercise and demonstrate purpose.
For more detailed information, you can visit their website: