View a statement from our CEO
At S&P Global, we are accountable to the markets, our customers and each other and it is critical that we support all of our stakeholders during this time of crisis. I am humbled to see businesses of all sizes, across all industries and markets, stepping up during this challenging environment.
As part of our commitment to the health, safety and well-being of our people and understanding the challenges they face, we have accelerated our people-first approach to the COVID-19 crisis. Building on our flexible work practices to provide support and continuity to our people, virtually all of our employees are working from home and we have extended our Employee Assistance Program to provide wider access to virtual doctors, telemedicine resources, and mental health services. In addition, we have expanded our family care and sick leave for all of our people.
Chief People Officer
Our people feel and live our people-first philosophy now more than ever. The outpouring of support has been phenomenal. I’m so proud of how we’ve come together during this crisis.
Our analysts, economists, reporters and researchers are ensuring our customers have the timeliest insights to better navigate the current environment.
Access is complimentary to our COVID-19 insights, research, reports, analytics, and data on how it is impacting public health, the global economy, and the financial and commodity markets. We are also engaging with central banks globally to maximize the understanding of credit market conditions, and are providing state and local governments, public health officials, and state universities access to various data platforms.
The economic impact of
COVID-19 is more intense and will last longer than previously thought, leading us to lower our global GDP growth forecast to -2.4% this year followed by a multi-year rebound beginning in the second half of 2020.
To help hospitals and governments address critical needs, we are providing them with access to our supply chain data to help track and identify the supply of ventilators and personal protective equipment, and have also donated over 100,000 medical-grade face masks around the world. In India, our CRISIL employees are using their corporate kitchen to serve 10,000 meals per day to the most vulnerable in Mumbai during the current lockdown.
The S&P Global Foundation, our charitable giving arm, has so far allocated $4 million in new funding for global COVID-19 relief efforts, which will support first responders, help the hungry, provide medical supplies and meet other critical needs. The Foundation allocation will also provide critical aid for small businesses to help address the strain of economic uncertainty, including support for:
- - Accion International's "Rethinking Businesses Under COVID-19" initiative to help low-income entrepreneurs build their digital skills.
- - U.S. Chamber of Commerce Foundation, “Save Small Business Fund” for emergency grants to small businesses in distressed communities.
- - MicroMentor, to recruit and train 30,000 new mentors, who in turn will assist small business owners in accessing relief funds and adapting to economic pressure.
Chief Corporate Responsibility & Diversity Officer and President of the S&P Global Foundation
We are committed to supporting our global community to mitigate the far-reaching effects of COVID-19. In addition, we know that small businesses are a critical engine for global growth. We're hopeful that, through our support, we can help sustain these organizations in a time of acute need.