Socially dependent industries, such as tourism, travel and hospitality have collapsed, nearly overnight. Unemployment soared, buffered by eye-watering government cash handouts, and businesses continue to falter. Consumer cash hoarding is compounding the economic downturn.
Three global themes are emerging:
- Business strategy pivoting is often a matter of survival because now, more than ever, cash is king.
- Swift and broad economic intervention has helped but not spared countries from hardship. Self-sufficiency and critical infrastructure are national policy discussions.
- “Vaccine nationalism” will slow the global economic recovery. The WTO has estimated that $9 trillion in output is at r...