Addressing the financial impact of COVID-19

The number of new infections and deaths continues to rise with 58 countries now reporting confirmed cases of COVID-19 at 1 March 2020. Whilst the vast majority of infections and deaths have thus far occurred in China, concern is rising across the world and equity markets are turning bearish. Business in China has been severely impacted. Shopping malls and restaurants are deserted, whilst travel and tourism revenues in China have collapsed. The return to work after the Chinese New Year has been slow and people are being encouraged, where possible, to work from home. Moreover, whilst the initial outbreak and growth of COVID-19 was focused around the key manufacturing hub of Hubei, other provinces have also now been affected and this in turn will impact global supply chains. There has been supply chain impact in Japan, Korea and other parts of Asia.

It is important that businesses are proactive in assessing their capability to withstand disruption from both an operational and a financial standpoint, and that they act decisively to mitigate actual or potential issues.

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