Start Planning for the Recovery Now

This is a somewhat sobering article about the depth of this crisis and what it means for the various economies throughout the world. Whilst it highlights the challenges that 2020 will deliver, it does provide a more optimistic outlook for 2021. One of the figures that should provide some comfort is that China, Australia's largest trade partner never falls into negative territory. However the world's economy is expected to decline to -3.0%, the worst figure since the Great Depression. What that should be telling us in Australia is that we will have some tough times ahead, but managed well, the recovery will be swift. With the IMF expecting a broad turn around in 2021, those companies planning for the recovery now, will have a strong first mover advantage. Now is the time to be dissecting those business strategies, working out what tactics are required to be implemented and how those goals will be achieved.

What we all need to understand is that not every industry is suffering through lack of work. Many can’t get enough staff, many are struggling to meet demand and some will experience trading conditions better than the Christmas holiday just passed. Thought needs to be applied as to how to reach those sectors, how confidence can be restored and what creative solutions can be applied, or at the very least, put at the starting gates.

With the curve flattening in Australia, the recovery will be upon us before we know it.

“Never let a good crisis go to waste.” Winston Churchill

Let one of our staff help you prepare for the tough times by getting ready for the good times. Mgross@nprco.com.au | tnealon@nprco.com.au

https://blogs.imf.org/2020/04/14/the-great-lockdown-worst-economic-downturn-since-the-great-depression/?utm_medium=email&utm_source=govdelivery