Shutdowns and disruptions of normal business practices and operations due to COVID-19 are affecting every sector of the economy. Many industries are facing reduced demand due to decreases in employment, consumer incomes and business spending, both locally and in export markets. Supply chain disruptions may also start to intensify as the disruption continues.
Several industries, such as tourism and transportation, are facing larger impacts at present due to closures, shutdown of international travel and the Atlantic cruise season (until at least July 1), and individuals staying home and avoiding all non-essential travel.
Some firms are benefiting from temporary increases in demand. For example, grocery stores report higher sales as consumers stockpile. Firms providing telecommunications, data and Internet, and related services to support home offices and networking are also seeing increased demand.
APEC is providing more detailed assessments on select sectors.