Surveying the present state of the world economy, Baig notes that the pandemic was merely the spark that exposed and heightened underlying global economic weakness. Despite high asset values in the lead-up to the pandemic, investor bullishness was not congruent with low growth rates, rising debt levels and growing protectionism exacerbated by US policies under President Donald Trump.
SINGAPORE (May 8): The deep economic malaise brought about by the virus will eventually pass, but the world will never be the same again. The disruption to workplace practices will undoubtedly see long-term changes in business and even workplace practices post-crisis. According to Gareth McIlroy, managing director of Korn Ferry, firms must exercise leadership and engage more with employees to adapt to the post-Covid-19 business environment.
McIlroy was speaking at a webinar entitled “The Economic Shock of Covid-19: How can businesses and communities remain resilient?”. It was held on April 27 and organised by the National University of Singapore’s (NUS) Saw Swee Hock School of Public Health. The seminar was moderated by AmCham CEO Dr Lei Hsien-Hsien. Other speakers were Professor Bert Hofman, director of the East Asian Institute, and Dr Taimur Baig, managing director and chief economist of DBS.
