ANALYSIS: As the prospect of a widely distributed vaccine draws nearer – AstraZeneca and Oxford University announced results for their jab last week, bosses and investors are turning one eye away from the immediate struggle of coping with the pandemic and looking instead at the longer-term competitive picture. Who has won and who has lost?
Like viruses, recessions usually come for the weakest first. Companies with sickly balance-sheets or frail margins quickly succumb. As promising startups become crushed closedowns, it is often the incumbents that have the resources to wait it out.
Yet the Covid-19 recession has been sharper than normal, and more complicated. The world economy is expected to shrink by over 4 per cent this year, the deepest downturn since the second world war, and there is still a risk of a double-dip recession
Bail-outs, central-bank stimulus and forbearance by banks and landlords have slowed the process of