The coronavirus disease (COVID-19) is likely to send many advanced economies into recession this year. Not only is COVID-19 harder hitting than the Severe Acute Respiratory Syndrome or SARS in 2003, it is likely to be more prolonged. Apart from responding to immediate challenges, businesses must plan for an extended difficult period ahead, at least beyond a year.
From scenario planning that can help businesses to mitigate risks, to action plans including defensive strategies and offensive strategies, the article provides summarized insights extracted from top management consultancies and business publications, as well as advisory guidelines from relevant government authorities in Singapore.
Click here to read about how businesses can respond in this crisis.