The growing impact of the unprecedented human tragedy on the global economy has hampered the functioning of several sectors, including technology, aviation, automotive, pharmaceuticals, banking, etc.
You might also be interested to read:Covid-19: Secondary Sector Reforms To Help Restart The Economy Post-lockdown
There are several reasons for the corporate world to panic in the wake of the deadly Coronavirus outbreak. The growing impact of the unprecedented human tragedy on the global economy has hampered the functioning of several sectors, including technology, aviation, automotive, pharmaceuticals, banking, consumer electronics, travel and tourism, among others. One of the biggest stories of the moment is the major hit delivered to the tech sector that has behemoths like Apple, Google and Amazon grappling with unexpected challenges to business continuity. Also, as many as twelve high-profile technology conferences like Barcelona’s Mobile World Congress, Facebook’s Global Marketing Summit and Google’s annual I/O developers have been cancelled. According to a report, the economic loss resulting from the cancellation of these events is estimated at $1 billion.
Source: Financial Express
