The chemical industry may feel the impact of the coronavirus (covid-19) pandemic from all directions. Just as outbreaks in key regions have disrupted supply chains, uncertainty in the global economy and capital markets could also lead to lower demand. The labor force is at risk of infection, and governments are beginning to impose restrictions on action – both of which add an unpredictable dimension to the crisis.
The covid-19 pandemic is causing widespread concern and economic difficulties among consumers, businesses and communities around the world. The situation is changing rapidly and has a wide influence. We have some general guidelines for covid-19: what business leaders in the United States should know: crisis management and response, labor, operations and supply chain, financial reporting, taxation and trade.
There is no one size fits all approach to the current environment – and of course it is not static. Most chemical companies have developed business continuity plans, but these plans may not be able to cope with the rapid changes and unknown variables of outbreaks such as covid-19.
Typical emergency plans help to improve operational efficiency after natural disasters, network events and power outages. They often fail to take into account widespread segregation, extended school closures and travel restrictions currently in place around the world. Each chemical company’s response to these forces should be carefully adjusted to the dynamics of its industry.
The crisis has begun to present a unique set of challenges. In the covid-19 outbreak, financial leaders in the United States and Mexico shared their top concerns.