The covid-19 crisis will change the world of business. Firms that make it through will have to master a new environment. Our cover this week
and workers have been through economic crises before. They know that each time the agony is different—and that each time entrepreneurs and firms adapt and bounce back. Even so, the shock ripping through the business world is daunting. With countries accounting for over 50% of worldin lockdown, the collapse in commercial activity is far more severe than in previous recessions.
Don’t be fooled by all this. In the last recession two-thirds of big American firms suffered a fall in sales. In the worst quarter the median drop was 15% year-on-year. In this downturn falls of over 50% will be common, as high streets become ghost towns and factories are shut. Numerous indicators suggest extreme stress. Global oil demand has dropped by up to a third ; the volume of cars and parts shipped on America’s railways has dropped by 70%.
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