The Covid-19 pandemic, which has shattered people’s lives in every possible way, has also not spared business and economics. As a result, individuals have lost their source of livelihood, students have been prevented from forging ahead with their education and several sectors like hospitality and aviation now face declining patronage.
Reducing business costs and cutting expenses will most likely be at the top of priorities, strategies and plans for a huge number of business executives across the world currently due to the effects the ongoing COVID-19 pandemic has had on businesses and the economy in general.
These are indeed uncertain times. The nature of the world today, being so globalised and fast-evolving with rapidly spreading digital technologies has been our saving grace for continued productivity through the COVID-19 pandemic.
The coronavirus pandemic – now referred to as a black swan event – has caused unprecedented devastation and disruption to businesses. Across the globe, Governments have shut down borders, issued anti-crowd gathering orders, restricted interstate movements and enforced lockdown to inhibit the spread of the virus. The slowdown of economic activities has led to a sharp decline in trade and investment and raises the risk of an unprecedented economic recession.
The rapid global spread of the Coronavirus has quickly overshadowed other recent epidemics in both size and scope.
In addition to its deadly human toll and disruption to billions of people’s lives, the economic damage is already far-reaching and significant. Goldman Sachs estimates that global economic growth will be zero in 2020, due to the virus.
The current global outbreak of Coronavirus COVID-19 has forced businesses to take new measures in preventing the spread of the pandemic.
Locally, amidst the growing number of confirmed cases across the country, the Federal Government of Nigeria at the time of writing imposed another 14-day lockdown on both worst hit and high-risk states, i.e. Abuja (its capital city), Lagos State (its economic hub) and Ogun State (its industrial hub).
This is undoubtedly a challenging and uncertain time for us all as we try to navigate through the biting impact of the COVID-19 pandemic.
Every organisation around the world has had to adopt several methods to ensure business continuity while also playing safe with their most valuable asset – the right people.
The COVID-19 pandemic will go down as one of the worst crises in recent history. With the persistent increase in the numbers of confirmed cases and resulting deaths, the threat posed to the global economy is gradually surpassing what the world has ever seen before.
Over the course of 4 months, COVID-19 slowly changed the way business is done globally and compelled more traditional business organisations to adopt a remote working policy. In a bid to contain the spread of the virus and flatten the incidence curve, partial and full lockdowns (mass quarantines) have now been instituted
The novel Coronavirus (COVID-19) is, without doubt, a major concern on everyone’s minds for several reasons. What initially started as a localised health crisis has crystallised into a global economic issue as many businesses can no longer continue with operations as usual.
