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Tune in on 17th July for the Small Business Virtual Summit with Cisco. Register now!
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Last Updated : Apr 08, 2020 09:34 AM IST | Source: Moneycontrol.com

John Chambers predicts economic pain in US for 9 months, calls for digtial transition

In an interview with MarketWatch, the self-described “realistic optimist”, warned that the economic downturn in the US could last for another nine months and recovery will only begin in early 2021.

Silicon Valley tycoon John Chambers has predicted a sobering outcome of the coronavirus pandemic which could lead to a health and economic crisis in the US.

In an interview with MarketWatch, the self-described “realistic optimist”, warned that the economic downturn in the US could last for another nine months and recovery will only begin in early 2021.

He expects a health and economic crisis in the country which could take three to five quarters to run its course.

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Chamber, who was the CEO of Cisco Systems for 20 years until 2015, sees the pandemic as a three-axis disrupter for the US economy.

He said the healthcare system, and global supply chain, with the travel and airline industries, will be the hardest hit but, his sunny side sees the crisis as an opening for innovative and bold companies.

“For many, it will be like a second chance to do an IPO. It’s time to reinvent or be left behind. And remember, great tech companies have emerged during an economic crisis,” the tech executive-turned-venture capitalist said.

In the interview, Chambers cited 2005 bird flu pandemic as the reason which led Cisco to develop TelePresence, one of the first videoconferencing products for remote meetings in 2006.

The pandemic will force many companies to use this moment to make the transition to digital, said Chamber who had predicted that up to 40 percent the Fortune 500 and 70 percent of startups would not see the turn of the decade unless they make the digital transition.
First Published on Apr 8, 2020 09:34 am
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