When we think about the pandemic which happened last year in the year 2020 we still feel shock waves. It took numerous lives and we even don’t have exact numbers. The urge to get back to normal life, to feel safe when we move outside, to feel secure when we meet someone, to live in a pandemic free world made us desperate. All over the world prayers were conducted for those who left us and to make things normal again. Sam who provides finance assignment help says that whether it is a man, woman or child all are living in fear that might this pandemic come back and create that havoc again.
World Economic Situation during Pandemic
The great lockdown turned the world upside down. Businesses were shut, people were quarantined, and everything was shut as if the earth needs a break. As per World Economic Outlook the global growth rate in 2020 fell to -3 percent. Rachel who is looking for microeconomic homework help shares that the government and banks are redesigning policies to make the business survive by loan waivers and restructuring of debts, extend job losses and reduce financial stresses as much as possible.
The hospitality, tourism, entertainment and travel industry witnessed huge disruptions. Besides this world faced a severe health crisis, breakdowns in supply chain and logistics adding to the worsening of financial losses. Hunger, sanitation, clean water, climate change, energy, terrestrial and aquatic life also faced ignorance as they are also equally important areas to focus.
Post Pandemic- World Economic Situation
After the pandemic when governments of various countries opened their doors for people to travel, when businesses resumed and when scientists gave hope that vaccine trials are going on and we can expect it soon in the market, it was a sign of respite. It was stated that the world economy will grow by 5.5 percent (source IMF).
Top companies CEOs around the world who recommend the best online excel courses are positive that the world economy will receive and we will witness good growth. According to the PWC CEO survey report 2021 in the US top management are planning new mergers and acquisitions. They will be investing in technologies like virtual reality, artificial intelligence and cloud to enhance customer experience and gain new market share.
The slow developing nations are expected to see a rise in debt because post pandemic in order to support growth they need more funds which can be arranged only by borrowing. The World bank and IMF with other global communities will work together to restructure the debt for these countries and arrange more liquid options so that they can come back to normal.
The United Nations adopted sustainable development goals (SDGs) in 2015 which will help other nations to recover from post pandemic effects. SDGs with multi-governmental approach and public-private partnership will create impact at micro and macro levels. As per UN SDG report 2020 it was observed that businesses which aligned themselves to these goals are more likely to come out of pandemic effects early.
Post Pandemic – Prospects
Post pandemic many traditional businesses tend to decline so a fresh new approach needs to be infused into the system so that we can re-imagine growth. For this, we need to embrace and accelerate productivity enhancements. Michael who is an accountant and works part-time as a finance assignment help feels that automation and the shift of many activities to online platforms will accelerate developments in many sectors.
Public sector cans en-cash this opportunity by investing in technology and recruiting people to contribute to growth. Many businesses will be ‘health proofing’ their operations and economies will be diversifying. Airports and hotels will be introducing contactless technological advancements. Policymakers will think deeply to uplift the economy with their policies keeping more focus on health and related products.
Innovative ecosystems will be introduced by state and local government, business houses, entrepreneurial systems. Coordinated investments in R&D, talent, capital, place, and inclusion are all needed to strengthen regional innovation ecosystems. Nations need to keep a check on growing disparities in the name of race, ethnicity, gender and income.
Solutions that are going to be implemented should be long term focused to ensure equality in income and various demographic groups. To strengthen various branches of education like science, mathematics, problem-solving, technology, engineering more investment needs to be introduced so that students can be future-ready.
More investments are required to develop digital infrastructure. This will not only strengthen the economy, it will also create numerous jobs, support workforce development and attract investments from various sectors. Artificial intelligence can also be used in this to add another dimension to the infrastructure.
It is the future of every technology and this combining it with digitalization will give a boost to innovation. Developing cities in citizen-centric zones will focus on health, education, innovation and mobility. By planned investments government at various levels can provide affordable housing, high-quality public welfare and updated public infrastructure.
To change this situation of uncertainty organizations need to work with the government so that there is no scope of lagging left. Along with this a multi tasking force which involves broad civic engagement should be present. People from all walks of life should be involved in the prospective development process to ensure belongingness and speedy recovery.
Redefining success metrics will be another way of beating post pandemic economic problems. It will give a different angle of looking at problems and searching for solutions from scratch. It is very important to forecast the future challenges at both micro and macro levels so that opportunities can be availed and no stone can be unturned to reap benefits out of it.
Implementation of the above-discussed strategies will be a huge advantage to the world at large. It will bring the economy to new heights. Yes, definitely no castle is constructed in a day but at the end of the day, every effort to bring the life of millions to normal will make a difference.