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With the negative impact of the COVID-19 pandemic spreading the globe, the World Bank expects that the global economy will contract by a staggering 5.2% this year, while Ian Bremmer, President of Eurasia Group, speaks of “the first global economic depression of our lifetimes”. Government rescue measures have already exceeded US$4.5 trillion, and growing by the day, leading to not many people feeling optimistic these days.
However, global headlines make it clear that industries are not being affected equally, that some are finding opportunities, despite the many challenges on the horizon. Among those worst-hit are the airline industry, which is forecasted to incur losses of $250 billion, the hospitality and leisure sector, which in the US alone recorded a 47% loss in jobs, and the