Covid19 aftermath! What it means for the global economy.

The World Bank had projected that possible global growth between 2020 and 2029 would slow to an annual average of 2.1%, from 2.5% in the previous decade, as a result of aging populations and lower productivity growth. Thanks to the ongoing pandemic the bank lowered its projection to 1.9%. 

2020 was shocking for many people around the world, as economies came crashing down at an accelerated speed. 2.5 million people around the globe lost their jobs and many businesses went under. The lockdown was a self-inflicted economic crash necessary to contain an unknown virus. 

We were forced to acknowledge many of the dispensaries that were already plaguing us. The striking economic inequalities, wage difference, gender-based wage discrimination, everything has come into focus. As if we were living in a state of denial up till now.  

What will change

Value for life. One of the biggest realizations we had during the pandemic was how most of our jobs have no social value. We work to consume! The lack of essential workers and services has forced a new outlook on how we will live in the future. Some examples are-  In Spain, private hospitals have been nationalized. The UK has considered the possibility of nationalizing various modes of transport. And France intends to nationalize large businesses.

Online learning. Online learning will be the new norm post-Covid 19. Real-time classes, online learning apps, and more integrated knowledge. 

Work from home culture. The ‘work from home’ culture will continue post-Covid 19, with many companies already allowing employees to work from home. This will reduce travel time, expenses,   and encourage more small firms to enter the market. 

Cashless payments and money transfer. As we were forced to remain indoors, many people shifted to online payment apps like PayPal, Xoom, Gpay, etc. 

Apps like Lycaremit also allow you to send home remittance at a fraction of the cost compared to banks. 

The pandemic is far from over but we can look forward to a better future with greater value to human life. Work will not just be about money but will also be about social value and happiness! 

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