The economy is in the midst of a recession triggered by a health crisis. That makes this recession unusual and different. Here we examine how this recession compares to previous recessions. From that we infer key features of the pandemic recovery. We conclude that demand in most commodity end-use sectors – construction and manufacturing – is likely to be more resilient than normal, because the COVID-19 recession is primarily a service sector recession. The automotive sector is an exception, however, and experiences a slower recovery in light of the structural challenges it faces with respect to climate policy. Read more
Frost & Sullivan’s recent analysis, European Customer Experience Outsourcing Services Market, 2020, reveals that outsourcers are increasingly relying on advanced technologies to meet client requirements in the customer experience (CX) outsourcing services industry. The European market is mature and characterized by demands for specific languages, cultural affinity, and nearshoring. COVID-19 has adversely affected the industry in 2020 and Frost & Sullivan expects total market revenue to reach €16.23 billion, a 7.5% decline. Read more
The surge in online shopping caused by the COVID-19 pandemic is expected to add £5.3bn to UK ecommerce sales this year to make a total of £78.9bn. This is according to analysts at Edge Retail Insight, the global trend forecasting arm of retail insights firm Edge by Ascential, who have updated all pre-existing forecasts to account for the significant long-term impact of COVID-19 on consumer shopping behaviours and preferences. Read more
Today, IT leaders need to quickly optimize costs and simplify operations to respond to new and changing business conditions.
To better serve our customers during this time, Google Cloud is focused on solving together for operational efficiency, business continuity, and digital transformation. These marketing resources help you launch digital-first, cost-effective campaigns about Google Cloud, with a focus on listening to customers and serving their unique business needs. Read more
Only one in three Americans feel they have heard all that is required from their government and employers (32% and 33% respectively) in order to feel safe returning to work, according to the June edition of an international opinion survey tracker conducted by leading global strategic communications firm Kekst CNC.
The dynamics are similar among American workers specifically: 31% and 23% respectively feel they have not yet heard enough. What’s more, this sentiment is especially true among lower-earning Americans, of whom only 18% agree their employers have made them feel safe enough to return. Read more
Over Q1 2020, COVID-19 has developed from an emerging threat to a transformational reality with potentially long-lasting effects on economic growth. All optimism for commodity markets at the start of the year was quickly extinguished as the coronavirus emerged in Wuhan, China. Prices have been dragged down further by dire market fundamentals which were a result of government-imposed lockdowns in the major global economies. Both supply and demand have been lowered across the board, but demand has been harder hit and will be slower to make a recovery. Most commodities have further to fall from here. There has been a profound human cost to the pandemic and the economic fallout of governments’ responses is just starting to be counted. Read more
China will set out its major economic objectives and policy goals for 2020 at the National People’s Congress. We expect fiscal stimulus of 5-8% of nominal GDP to be announced, half the size of the stimulus that followed the GFC. Most of this stimulus will come in the form of bond issuance (e.g. special treasury bonds and local government special bonds). The biggest beneficiary of this stimulus will be the transport and infrastructure sectors. On monetary policy, we do not expect aggressive interest rate cuts or QE; but efforts will continue to ensure financial markets remain liquid, through lending targets and RRR cuts. Read more
On May 18, Tencent’s WeChat, Tsinghua University’s Tsinghua China Data Center, and the Tencent Social Research Institute jointly released a report entitled “The 2020 Pandemic and the QR Code Economy Report”. The report points out that as an important part of the digital economy, the WeChat QR Code Economy has played an effective role in buffering the negative impact of the COVID-19 pandemic. Read more
India is expected to enter recession following the quarantine imposed on the world’s second most populous country. The recent plunge in the PMI activity index highlights the huge economic costs of lockdown. But the worst is yet to come. We expect GDP growth to contract by 0.9% in 2020, well below the 7% norm of recent years. Risks are numerous should the accumulated structural weakness backfire during this unprecedented crisis. Read more
Salesforce (NYSE: CRM), the global leader in CRM, today announced Work.com – new technology solutions and resources to help business and community leaders around the world reopen safely, re-skill employees and respond efficiently on the heels of the COVID-19 pandemic.Read more