The rapid onset of the novel coronavirus has wreaked havoc on markets around the world, hitting commercial aviation especially hard as load factors plummet, flights are canceled and suppliers cut production rates and furlough workers.

Amid all this disruption, defense manufacturers appear to have been relatively unscathed. But defense has always been a long-cycle business, driven more by annual budgets than daily load factors. And as the bill for rebuilding the global economy mounts, defense budgets are sure to come under pressure.

Access exclusive subscriber-only in-depthcoverage on the longer term economic factors as we face some tough decisions ahead.

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