“We’re seeing some improvement” in countries where lockdowns are easing, Coca-Cola CEO James Quincey says. He discusses the coronavirus impact on business and the lessons learned from China.
benefits since the coronavirus upended the economy. The Congressional Budget Office said Tuesday that iton an annualized basis in the second quarter. The International Monetary Fund is forecasting that the global economy will shrink by 3% this year.
Quincey said that he expects a "U"- or "extended U"-shaped recovery rather than one shaped like a "V," where the economy quickly snaps back to pre-crisis activity. While he said it was too early for Coke to gauge how consumer spending habits are changing as lockdowns lift, the company expects that consumers will be more strapped for cash.
"We're gonna have to recognize that coming after this virus crisis will be the economic impact and hangover of the lockdown, and there will be a much greater focus from the consumer on affordability or getting the prices lower," he told CNBC'sCoke is still seeing negative global volumes in May, although they have improved slightly after plunging 25% in April, according to Quincey.
Shares of Coke were up 1% in premarket trading. The stock, which has a market value of $191 billion, has fallen 19% so far in 2020.
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