Sectors differ in their ability to respond flexibly to supply disruptions and falls in demand (Table 2). Business as usual can continue for professional services if their workforce logs on from home, but this is not an option in most other sectors. Where staff are employed on temporary or zero-hours contracts, sectors can reduce their staffing costs while demand is down, but in most cases these costs are a small proportion of running costs.

Once a global recovery gets underway, industrial production and wholesale trade might be able to catch up some of the lost ground. There will also be some catch up for retail trade as some purchases that were postponed are finally made. But seasonal products will have missed their moment, and events, journeys and meals out may have been cancelled rather than postponed. Consumer confidence may take time to recover, and consumers may have drawn on savings during the period where they were unable to work. In the construction and health sectors, supply capacity will limit how much of the pent-up demand can be met.