The world is moving fast-paced to face a new crisis of COVID2019. Countries are adopting lockdown, but facing a new risk of an economic downturn. Leaders are in the dilemma of giving priority, whether to people or the economy. Most of the governments took People’s first approach and many are successful to flatten the curve of the pandemic and its effect.
The world has seen economic depressions earlier as well and the recent one was the 2009 financial crisis. Most of the countries & businesses bounced back with time and support from Government policies. We can expect similar packages from policymakers which would revive large industries and verticals. It will have a positive after impact on SME as well. The larger question remains how soon?
IMF has mentioned “The Great Lockdown: Worst Economic Downturn Since the Great Depression” and we can not ignore these early warnings.
Here is something which we did during the 2009 financial crisis.