COVID-19 Risks Outlook: Prolonged Global Recession A Big Concern for Businesses Across The World

THEBE MABANGA

A prolonged recession is the greatest risk from the COVID-19 pandemic, according to a new survey of nearly 350 risk managers by the World Economic Forum (WEF).

The WEF said that the Great Lockdown will be followed by the Great Transformation, as a series of profound changes will transform the global economy.

In WEF’s view, in their view, this crisis presents leaders with a pivotal moment to seize the opportunity to shape a better new normal.

A drawn out recession topped the list of the Top Ten risks.

Economies such as that of Germany, the largest in the European Union and along with the rest of Eurozone, Japan and South Korea have either contracted during the first quarter or are officially in recession.

Economic risks are regarded as the most challenging fallout from the pandemic by the managers surveyed.

A prolonged global recession as a wave of lockdowns