Ernst Young's Amarjeet Singh: Businesses are dealing with complete or partial shutdowns of factories, supply chain disruptions and cashflow stress. It is crucial for businesses to rethink strategies, supply chains and tax policies as this crisis continues to evolve.
LOOKING back, it is clear that businesses and nations were caught unprepared by the devastating and far-reaching impact of the Covid-19 pandemic. As late as February, reports were mainly focused on the impact of Covid-19 on China and, to a lesser extent, her trading partners.
The focus then was on reduced imports by China, reduction in outbound tourism, supply chain disruption due to shortages of Chinese-produced intermediate goods, and the impact on financial markets and business confidence in selected countries.
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