SINGAPORE (Reuters) – Global business leaders are preparing for a drawn-out U-shaped recession due to the impact of coronavirus and many fear their companies won’t survive the pandemic, a survey of thousands of chief executives showed on Wednesday.
FLE PHOTO: A nearly deserted 7th Avenue in Times Square is seen near midday in Manhattan during the outbreak of the coronavirus disease (COVID-19) in New York City, New York, U.S., April 7, 2020. REUTERS/Mike Segar
The pandemic sweeping the world has killed nearly 180,000 people, routed financial markets and could trigger the worst economic meltdown since the 1930s Great Depression.
Around 60% of chief executives are preparing for a U-shaped recovery – a long period between recession and an upturn – compared