By Moses Ohanga

As businesses worldwide navigate the challenges brought on by the rapid spread of COVID-19 (coronavirus), it is now more essential than ever that corporations be ready with solutions to address risk issues as they arise. Beyond the obvious health repercussions, the global pandemic has presented major disruptions for global businesses. Some have had direct commercial impacts on specific sectors, with interruptions to supply chains, challenges in meeting contractual obligations and implications under funding arrangements. Others are universal: workplace health and safety obligations, the impact of travel restrictions and containment measures, increased record keeping, protecting sensitive personal data and business continuity planning.

Every region is subject to substantial growth downgrades. Sub-Saharan Africa will contract by 2.8%.  These downturns are expected to reverse years of progress toward development goals and tip tens of millions of people back into extreme poverty.

Emerging market and developing economies will be buffeted by economic headwinds from multiple quarters: pressure on weak health care systems, loss of trade and tourism, dwindling remittances, subdued capital flows, and tight financial conditions amid mounting debt. Exporters of energy or industrial commodities will be particularly hard hit. Demand for metals and transport-related commodities such as rubber and platinum used for vehicle parts has tumbled. While agriculture markets are well supplied globally, trade restrictions and supply chain disruptions could yet raise food security issues in some places.

One thing has become clear: we can expect disruption for some time to come, and businesses need a legal team that can guide them through a crisis. One that has the international reach, depth of skill and body of industry knowledge to answer that call.