The COVID-19 crisis has had widespread economic impacts around the world, right down to how companies operate. According to FTI Consulting's recently released annual Resilience Barometer report, 77 percent of companies have been forced to fundamentally change their business models as a direct result of the pandemic.
FTI Consulting surveyed 2,185 leaders in large companies across the G20 nations. The survey found that 3 in 10 companies require restructuring or refinancing because of the pandemic's impacts, while 60 percent are facing challenges servicing debt. Companies surveyed have seen an average revenue decline of 10 percent and a headcount drop of 12 percent.
The crisis has affected nearly every business sector there is, with retail, hospitality, travel, transportation, and oil and gas facing the biggest difficulties, according to FTI.
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