While every country across the world, without exception, are fighting the scourge of Covid 19, there is a slow realization that the impact of this pandemic on the business environment will be brutal, to say the least.
With lockdown and ban on flights, Aviation and Tourism will face the most of the effects of the shutdown. Along with that, a host of other sectors, which depend on these businesses will also face a squeeze as top and bottom lines and employees are either likely to be laid off or asked to take leave with or without pay. This fact was emphasized by PM Narendra Modi in his address to the nation on Thursday when he appealed to Indian companies not to lay off staff or cut their pay.
The coronavirus outbreak has impacted the whole world, and S&P Global Ratings on Wednesday said the global economy has entered into a recession, while lowering the growth forecast for major countries, including India.
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