Impact of Covid-19 on Aerospace & Defense
COVID-19 has massively dented the pockets of all global economies. The countries are forced to re-shuffle their fund allocation. The global airline industry is on the southern voyage. Massive flights & ticket cancellation, refunds, etc., have almost brought the many airline companies to the stage of bankruptcy. The spillover impact of shrinkage of the global tourism industry would again hit the airline industry. A considerable portion of Defense budgets is diverted to meet the immediate healthcare contingency. Production activities are stalled for a brief duration. Consequently, the global aerospace and defense supply chain is log-jammed. The procurement of defense supplies under inter-government, public-private partnership, and other strategic routes are derailed due to massive shortfall of funds. Therefore, the defense equipment manufacturers are set to see a delay in contract finalization.