For CIOs, trying to manage IT spending in a world upended by COVID-19 is like driving at night with headlights that dim unexpectedly: suddenly you can barely see the road in front of you and beyond that everything is completely obscured.
Economic forecasts make for scary reading. Goldman Sachs is now predicting a 6% quarter-on-quarter drop in U.S. GDP in the first three months of the year and an unprecedented 24% decline for the second quarter. Previously Goldman had forecast a 5% decline in Q2. Other forecasters are also becoming much more bearish.