Mumbai: With stock markets crashing, crude oil prices falling and gold prices soaring, the impact of Coronavirus (COVID 2019) is already felt. But if the virus will lead to recession in some economies the impact could be much harder, stated Stephen Schwarzman, Chairman, CEO and Co-Founder of Blackstone.
Speaking to reporters in Mumbai about the impact of COVID 2019, Schwarzman said, “ We, probably, have a relatively short-term problem, unless all of these individual cases throw some countries into recession.” He added that it would be harder compared to fighting the virus itself.
Commenting on the present scenario, Schwarzman said, “On a global basis, the virus is creating a lot of dislocation to supply chain, to people's desire to travel…” But he feels these are short-term problem till the time vaccines are not found.
When quizzed if such a crisis will give rise to protectionism, Schwarzman stated that protectionism is not the right characterisation. “I think there will be some modification in the supply chain (nothing beyond that),” he added. He claimed more than countries, here companies will have to rebalance.
Schwarzman, who was in India to promote his book ‘What it takes’, said that he sees opportunity in India and his company will continue to invest here. “We are here for the long term...” When quizzed about the impact of protests in India and its economy, he stated that he would refrain from commenting on India’s internal affairs.
