The spread of the Coronavirus has a growing impact on transatlantic business. Over half of German and American member companies surveyed by AmCham Germany expect to see a steep to medium-sized slump in revenue in 2020. These findings are the result of a recent survey amongst AmCham Germany’s 2300 member companies.
The virus is increasingly present in the internal and external operations of the companies. Over 90 percent of those surveyed have canceled events, fairs, and business trips. More than half of the companies have adjusted their internal operations; many asking their employees to work from home. A third of the companies have felt the virus has had observable effects on their production processes. Supply chains have been delayed and products are being finished and delivered later than planned.
Economic stimulus packages and joint initiatives
“Join initiatives and government stimulus are needed to support the transatlantic economy’s management of the pandemic,” remarks Frank Sportolari, AmCham Germany’s president. Almost 90 percent of the surveyed member companies support economic stimulus packages from the federal government.
Furthermore, the recent suspension of travel from Europe to the US has already had an effect on the surveyed companies. Around half admitted, they expect to see revenue loss correlated with the travel ban. “Only a collective understanding of measures taken against the virus will help us curtail the pandemic and find solutions for communities and businesses on both sides of the Atlantic,” affirms Sportolari. “The current situation makes it clear that we should not focus on isolationism. Our globalized society requires joint initiatives to help further the development of transatlantic trade.”
The complete results of our COVID-19 survey can be found here.
The press release in German can be found here.
Press Contact
AmCham Germany
Katharina-Luise Kittler
Manager, Head of Communications
T +49 30 2130056-34
M +49 151 14657921
E kkittler@amcham.de
