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The Private Sector Steps Up

Many companies emerged from the global crisis a decade ago with their reputations in tatters. But if private firms maintain the foresight, adaptability, and compassion that many have shown in recent weeks, they will emerge from this crisis having established their true value to the economies and communities they serve.

NEW YORK – If the 2008 global financial crisis laid bare the worst of capitalism, the private sector’s response to the COVID-19 pandemic is already showcasing the very best.

COVID-19 cases have now surpassed one million worldwide, with the death toll above 70,000 and rising. The full extent of the global economic impact remains unknown. What we do know is that the world urgently requires a herculean response from both governments and the private sector to avert a devastating recession.

Since the 2008 crisis, corporations have faced harsh criticism and even accusations of maximizing profits without due consideration of society’s broader needs. Today, however, we see corporations stepping up in response to the global health crisis. While some companies will need government assistance to survive, given the severity of the crisis, others can ease the overall burden on government by becoming part of the solution.