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Coronavirus

70% of multinationals in Asia expect revenue drops over coronavirus: Survey

Disease forces 40% of companies to rethink strategies for this year

An employee wearing a face mask works on a car seat assembly line in Shanghai on February 24: the coronavirus is putting the model for integrated supply chains of production to the test.   © Reuters

SINGAPORE -- More than 70% of multinational companies operating in Asia expect revenues to decline this year due to the new coronavirus outbreak, a new survey released Wednesday found, illustrating the regionwide impact of the disease on businesses. Nearly 40% of the companies are already changing their business plans for the rest of the year, including measures such as reshuffling supply chains and cutting jobs.

The online survey was conducted from Feb. 12 to 18 by the American Chamber of Commerce in Singapore, an international business association that represents 600 companies that have any link to the U.S., including foreign companies with U.S. interests, and the public relations consultancy Sandpiper Communications.

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