Many firms may not survive COVID-19 onslaught, fear CEOs

Must Read

India has so far gifted $5 million medical supplies to world to combat Covid-19

New Delhi, April 24 (IANS) India has gifted USD 5 million worth of medicines and other Covid-19 related supplies...

Hackers eye workers from home in absence of secure networks

New Delhi, March 16 (IANS) With several Indian organisations implementing work from home for employees in the wake of...

Can Facebook become Amazon of the world with Reliance Jio?

New Delhi, April 23 (IANS) Mark Zuckerberg-run Facebook has interestingly chosen India to begin its global ecommerce journey with...
Knowledge Stall Deskhttps://knowledgestall.com
At Knowledge Stall, we are going to quench the thirst of knowledge. We are going to try our level best in providing you the latest trending news about lifestyle, technology and other informative sectors

London, April 23 (IANS) With the prospect of a prolonged recession hardening as the spread of the coronavirus hardly showing any signs of slowing down drastically, many business leaders believe that some companies may not survive the impact of the pandemic with CEOs in Asia seeing the greatest impact to their revenues, says survey.

More than half of those surveyed had already experienced negative impacts to their revenues, and far more – 82 per cent — expect more severe and negative impacts over the next six months, according to the survey by Young Presidents” Organization (YPO), a business leadership network.

- Advertisement -

Around 84 percent of CEOs in Asia said revenues had already been impacted, followed by CEOs in Middle East and North Africa (74 per cent), and then in Europe (70 per cent).

While the hospitality and travel segment has taken the highest hit, the construction sector got least impacted, the results showed.

The findings are based on responses from over 2,750 global business leaders.

“Most expect the slump to last less than a year. 54 per cent of global respondents expect their revenues to be the same or better in a year”s time. However, if the respondent was in a more severely impacted region they were more likely to expect a greater than 20 per cent decrease in sales over the next 12 months,” Randall Tavierne, Partner and Global Deputy for Growth Markets and Global Assurance at EY (London), wrote in a LinkedIn post, while summarising the survey results.

“In Asia, where the impacts were felt earlier, 34 per cent of respondents expect a greater than 20 per cent decline in sales over the next year while in the US a mere 13 per cent did,” Tavierne said.

A leading US public health chief warned that a new wave of coronavirus hitting the US next winter could be “even more difficult” for the country to deal with than the current outbreak as it would coincide with the normal influenza season, The Guardian reported on Wednesday.

“There”s a possibility that the assault of the virus on our nation next winter will actually be even more difficult than the one we just went through,” Robert Redfield, Director of the Centers for Disease Control and Prevention (CDC) federal agency, said in an interview with the Washington Post.

According to data from Johns Hopkins University, over 2.5 million people have so far tested positive for COVID-19 globally, while more than 180,000 have died.

–IANS

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest News

We succeeded in saving country from stage 3: Health Minister

New Delhi, April 25 (IANS) Union Health Minister Harsh Vardhan on Friday said we have saved India from going...

Dietary supplements important weapon for fighting off COVID-19

New York, April 25 (IANS) Supplements containing vitamins C and D and other micronutrients are a safe, effective and low-cost means of helping your...

Instagram launches in-app food delivery to support businesses

San Francisco, April 25 (IANS) Facebook-owned photo and video-sharing app Instagram has launched a new feature that allows food orders to be placed through...

India has so far gifted $5 million medical supplies to world to combat Covid-19

New Delhi, April 24 (IANS) India has gifted USD 5 million worth of medicines and other Covid-19 related supplies to the world so far...

India needs to incentivise charger manufacturing: Top industry body

New Delhi, April 24 (IANS) Smartphone chargers and Printed Circuit Board Assembly (PCBA) are two mobile components that could help India achieve its manufacturing...

No exponential rise in Covid-19 cases in country: Health Ministry

New Delhi, April 23 (IANS) The Centre said on Thursday that the rise in coronavirus cases in the country has been more or less...

Google will now verify all of its advertisers on its platforms

San Francisco, April 23 (IANS) To provide greater transparency and equip users with more information about who is advertising to them, Google on Thursday...

HP to provide free resources to students, educators in India

New Delhi, April 23 (IANS) PC and printer major HP Inc. on Wednesday announced its partnership with educational content provider Gamooz in India to...

Can Facebook become Amazon of the world with Reliance Jio?

New Delhi, April 23 (IANS) Mark Zuckerberg-run Facebook has interestingly chosen India to begin its global ecommerce journey with investing $5.7 billion (approx. Rs...

More Articles Like This