The COVID-19 pandemic has spread at an alarming speed, infecting millions and bringing economic activity to a near-standstill as countries imposed tight restrictions on movement to halt the spread of the virus. As the health and human toll grows, the economic damage is already evident and represents the largest economic shock the world has experienced in decades.
The June 2020 Global Economic Prospects describes both the immediate and near-term outlook for the impact of the pandemic and the long-term damage it has dealt to prospects for growth. The baseline forecast envisions a 5.2 percent contraction in global GDP in 2020, using market exchange rate weights the deepest global recession in decades, despite the extraordinary efforts of governments to counter the downturn with fiscal and monetary policy support. Over the longer horizon, the deep recessions triggered by the pandemic are expected to leave lasting scars through lower investment, an erosion of human capital through lost work and schooling, and fragmentation of global trade and supply linkages.
Just like most business across the globe Basco Paints has felt the ripple effects of the virus however business must still go on. When the pandemic struck, a lot of construction projects were halted hence affecting us as well. “Despite these challenges Basco paints continues to move forward and produce our top of the range products that will continue to serve our esteemed clients. We have put in measures to ensure our paint production continues smoothly. All our ten depots including our recent one in Garissa and our two showrooms remain open to serve our esteemed customers.
No one knows where each year will take us, and this was most apparent from March 2020 onwards. The age-old truth, older than the Mountains, is and will remain, “the only thing permanent in life is Change itself!” Scary to say the least.
However, this is where I would say the Wise may differ; that Honesty, Integrity, Goodness, Sincerity, Empathy, Generosity, Humbleness, and all in all a good intention and demeanor to the fellow human being are all those age -old adages that are eternal! More specifically applying these to our day-to-day living activities, and our businesses, all faculties of Management need to go back to the basics; stop counting your gains, stop trying to maximize your Margins, and share of Markets. Look instead towards the ‘’little things”.
Go back to Basics; are your employees safe, are your overheads in reasonable control, are you up to weathering this storm out together with your greater Corporate Family, are you willing to sustain the losses, and yet meet your cash flow requirements, are you willing to add value to all the stakeholders’ lives, redefine your personal as well as corporate goals, go the extra mile for the larger Body of the Organization?
We encourage you, our most valued customer to continue working with Basco Paints even through these tough times. Together we shall overcome this storm and grow all our business to reach new heights,” urges Mr. Kamlesh Shah MD, Basco Paints.