March is usually the busiest month for firms, but Corona virus has changed that.
The overall impact to the economy will be in several areas:
1. Events, conferences, trainings, will all get impacted hence it will impact revenues of Airlines, hotels, event & training companies. A direct impact is on sports & cinema halls, which will impact advertising spends.
2. People are concerned about their survival, hence discretionary expenditure will get minimised. I was speaking to an ecommerce company, their sales have gone down.
3. The stock markets have fallen, Banks are not going through the best phase, people may curtail purchases, loans will get impacted
But there is good news:
1. We see a pick in hiring, since companies now have time on their hands they want to use it to hire people. One of our clients has planned a walkin for next weekend, dont know how many people will turn up though.
2. It is a wonderful time for folks to enter the stock market, it is like a falling knife right now but a good time to enter
3. A good time for entrepreneurs & businesses to plan for next year. Reflect on what went right/wrong. Think of new ideas for the next year & start implementing them