Dear PrepLounge Community,
We are deeply saddened by the global number of human casualties due to the coronavirus that has doubled within the last week since we posted the previous thread. We hope that all of you are safe and continue to take care of yourselves and others.
On the positive side, we are overwhelmed by your contributions to #combatcovid so far! Great to see how the PrepLounge community spirit is uniting candidates, coaches as well as consulting firm representatives to create some value during this global crisis.
We have summarized the main problem areas that you have identified. Now, we want to go over to the next step of the #combatcovid challenge and find solutions to the following problems:
- Liquidity falls and drop in cash flows: less production due to production shutdowns, suppliers not being able to produce and deliver leading to massive issues across the whole value chain
- Drop in demand and consumer confidence: less consumption due to the closure of restaurants, hotels, transport, cafés, etc.
- Higher unemployment rate as a long-term problem arising
- Bankruptcy, across sectors affecting multiple companies
- Overwhelmed health care systems: increased medical costs, low capacity of respirators and care personnel in general, too many patients at once (COVID-19 Patients that can't be treated due to capacity shortage and other patients suffering from the saturated system)
- Mental health problems: a lot of people are now struggling with anxiety to the point of not being able to work properly
- Domestic violence: due to the curfews and extreme situations, the number of domestic violence are rising
- Global recession: the International Monetary Fund states that the coronavirus crisis has caused a global recession
- Increase in government debt leaving countries at a higher risk of solvency in particular once interest rates will rise again
- Deglobalization: global ties with/to other countries being broken
Feel free to remind us if we have missed an important issue. We are looking forward to your contributions, ideas, and solutions by Friday, April, 10th, 2020. Let's be creative, courageous and innovative to find out of the box solutions and create value during this tough time.
Until then, all the best and stay healthy!
PrepLounge Community Management
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