We might be amid the largest drawdown in demand since the Second World War. Having experienced a new way of living, consumers are recalibrating their spending, increasing the likelihood that spending may permanently shift between categories and that online services could get adopted far faster. Every country is experiencing greater shifts in people’s daily behaviours. The resulting demand shock cuts global GDP growth for 2020 in half, to between 1 percent and 2 percent, and pulls the global economy into a slowdown, though not recession. In this scenario, a global slowdown would affect small and mid-size companies more acutely. Less developed economies would suffer more than advanced economies. Unsurprisingly, sectors will be affected to different degrees. Some sectors, like aviation, tourism, and hospitality, will see lost demand (once customers choose not to eat at a restaurant, those meals stay uneaten). This demand is largely irrecoverable. Other sectors will see delayed