The Great Lockdown

CHAPTER 1Introduction

By Shivaji Das, Aroop Zutshi, and Janesh JanardhananWith input from David Frigstad (Chairman, Frost & Sullivan)

COVID-19 has had an unprecedented impact on businesses and daily life. The virus forced the whole world to go into lockdown. As of May 8, 2021,¹ more than 3.2 million lives have been lost. The equivalent of 255 million full-time jobs were lost in 2020 alone.² Industries such as aviation and tourism saw massive declines. Countries, provinces, cities, and even neighborhoods imposed strict controls on movement outside their “borders.” Airport terminals were closed, while schools and exhibition venues were converted into treatment and isolation centers. Political upheavals followed, and governments even toppled because of their supposed ineffective handling of the situation. People's behavior changed as they began washing groceries in soapy water and wearing masks when leaving their homes. Suicide rates increased in some societies.

In this context, organizations – for-profit and nonprofit – faced unforeseen challenges. Factories were shut down, supply chains were disrupted, receivables went unpaid, facilities had to be quickly transformed for alternate purposes, and employees fell sick, died, or struggled to turn up at work. Yet the impact was different for various industries. In response, enormous government support schemes were rolled out in major economies. With such support and through quick adaptation to the new conditions, most economies began ...