It is the week when the global pandemic is gaining grounds and there is grim economic news but the optimism that many are feeling is still intact. However, the reports suggest that national economies are doing substantially worse. Almost 52 percent of executives and global leaders have said that they are doing worse than they did in March. On the other hand, executives in retail, high tech, and telecom are expecting a rise in profits by four percent in the coming six months.
The state of mixed feelings is also a common phenomenon among the financial decision-makers as they are reporting lower-income, tanking savings, and increased spending. In most countries, people are fearing for their jobs and have roughly four months of savings. These grim statistics present a challenge for banks and governments. With the virus accelerating its spread, businesses everywhere are looking ahead to the time when their employees can return to work. As the crisis has no speed limit, the businesses too must work through quick fixes and workarounds to tackle the pandemic. Business leaders are supporting their employees by building trust and actively engaging with employees through clear communication. These streaks are being observed over the world to deal with the pandemic.
With businesses awaiting their employees, the travel industry remains worst affected and has great hope for revival under the current circumstances. The badly damaged situation is worsening as airlines are cutting flights and customers are canceling business trips thanks to the countries imposing travel restrictions to contain the spread. As the spread of infections has eased in some areas, the industry is optimistic about the situation and eagerly waiting to open back up. Spain has reopened its borders to visitors from most of Europe. For months, Spain was under severe lockdown but now, it is allowing visitors without being quarantine.
From businesses to employees, vaccine hopes are skyrocketing as governments around the world have pledged billions of dollars for a vaccine and treatment options. A number of pharmaceutical firms are in a race to develop and test potential vaccines. Shares in some companies have shot up. AstraZeneca saw record highs in the share price. The company has said that it will be able to produce two billion doses but the IMF has warned that until such medical interventions become available, no country is safe. The disrupted global economy is likely to continue until the vaccine is out.