Panels & Furniture Asia Jul/Aug 2020

68 THE MALAYSIAN MDF MANUFACTURERS ASSOCIATION ( MMMA ) JULY/AUGUST 2020 NEWSLETTER Surviving the Resurgent Coronavirus Crisis By Peter Fitch MMMA Newsletter for PF Asia July/August 2020 I would like to start the article by quoting directly from reports published by the World Bank and the OECD in June 2020. “Covid-19 has triggered a global crisis like no other – a global health crisis that, in addition to an enormous human toll, is leading to the deepest global recession since the second world war. While the ultimate growth outcome is still uncertain…. the pandemic will result in output contractions across emerging markets and developing economies. Moreover, the pandemic will exert lasting damage to fundamental long- term growth prospects, further eroding living standards for years to come.” –World Bank “The global economy is now experiencing the deepest recession since the Great Depression in the 1930s, with GDP declines of more than 20% and a unprecedented surge in unemployment. The economic outlook is exceptionally uncertain.” – OECD Thinking about an ‘after coronavirus world’ now is not an easy thing to do. Many companies in Malaysia are understandably eager for a quick return to normalcy when governments relax their Movement Control Orders (MCO). But this could be a reoccurring global pandemic forcing companies to manage unprecedented economichardship,complexityandvolatility. The first step is to cut costs to a minimum, immediately. This is to buy time to adapt and to adopt new business models. The second step is to assess your business Selected images are credited to IKEA and Deutsche Messe Diagram 1