See Your Changing World More Clearly
The world can never be the same as it was before the pandemic COVID-19, there will be some permanent changes in some of the big things. Various trends related to the worldwide economy are getting accelerated by the influence of the harsh pandemic COVID-19. This is highly true for the digital economy, as the digital behavior is increasing like remote learning and work from home fashion, delivery services as well as telemedicine. Other structural modifications might also take place which may include the explosion of cross-border data flow and regionalization of the supply chain.
The future of work has appeared faster than it was expected with various challenges which are getting multiplied such as worker vulnerability, income polarization, gig work, the requirement of employees to adapt to occupational changes. This rise is the outcome not only of technical progress but also new trends of safety, health, labor, markets and economies would require time for recovery and would emerge modified.
With the amplification of these trends realities of the pandemic have affected reconsideration of various beliefs, with possible impacts on future choices for society and the economy. These impacts range from attitude regarding effectiveness versus the future of capitalism, resilience, densification of economic living and activity, industrial plans, our approach to troubles that impact us all, and the need for worldwide group actions like climate change and pandemicsto the duty of governmental institutions.
In the past twenty years, in advanced economies, roles have drifted to individuals from the institutions. Still, the health organizations are getting tested and are found wanting, while advantages from paid illness holidays to basic universal income are getting prioritized. There is an ability for future drift in how institutions assist people via safety nets and more inclusive social deals.
Also, the way of the operation of multilateralism will modify to reflect this totally changed world. The pandemic COVID-19 has tested the limitations of worldwide cooperation. Assistance for growing economies is inadequate. They were highly affected earlier because of worldwide economic turmoil including tightening financial conditions as well as record capital outflows.
Getting affected by the worst humanitarian turmoils after the World War 2, economics are suffering from unprecedented pressure on the limited fiscal potential to deal with urgent social needs and public health. Decisions taken now would have long term impacts. Dependence on more of the similar is untenable. A UNO led reform agenda should involve IMF for dealing with structural issues which have the vulnerability of debt across developing nations. It should leave the austerity dogma and rich nations should also meet their progress assistance commitments.
Organizations with an international supply chain are dealing with bottlenecks and shortages. Many such organizations restore their production but sadly, this will not create employment because most of the production process is automated. Governments will play the role of investor and insurer of the last resort during the pandemic COVID-19 and would be bigger. Public debt will rise and create economical problems across the globe.
The very essential lesson from the pandemic is the necessity of working together on issues that impact the complete human race. We are more strongly united in contrast to divided.