Post-COVID World – Not a Dream, but a way Forward.

COVID-19 has produced a human and economic crisis, unlike any recent memory. From global recession, economies being disrupted, lack of economic activity, and governments trying to take control and stock of the situation... it seems like years since we have had to embrace the pandemic, unfortunately, it's been a little over a year.

The pandemic has caused a loss in production, income, and employment. With data saying that advanced economies were going to shrink by 7%, the world was losing faith in recouping.

Implications of the said virus are fast-moving and seem like the world is running through an obstacle course. The crisis has caused an upheaval battle, none the less, there are short, medium, and long-term goals in place.

The implementation of said goals is not only towards economically-friendly and acting as a stimulus, but the lasting effects of (un)said rules and regulations are here to stay.

The Post Covid World is all about adaptation. Quick solutions to challenges, where people come together and find an answer. The pandemic caused crisis after crisis, but the silver lining is that it shed light on issues and loopholes in social, governance, and political factors.

It took one solution to solve a cascading effect of issues and challenges - a pandemic.

The Post Covid World is welcoming change and evolution in technology; a different mindset to approach issues. Mental health has deteriorated since the inception of the pandemic, but the aspect of embracing it, welcoming it, and standing together without holding hands - the pandemic brought forth a collective nature; an embracing spirit that does not diffuse. The Post COVID world is paving the way towards a world that is small, and borders cannot stop people from helping each other.

Although the pandemic has impacted over 90% of the world, sending the economy on a tailspin - the tide will eventually turn.

Post-COVID economic consequences, where three scenarios are plausible:

1. V-Curve

2. U-Curve

3. L-Curve

While the majority of the people are hoping for a V-curve-shaped recovery (also mentioned by India's Economic Advisor), a quick and sharp recovery is just what we need to get back on our feet.

The post-Covid economy is sure to welcome investments, acting like injections to the economic cycle - hoping to increase the standard of living, reduce inequality in the long run.

While some do speak about W-Curve, K-Curve-shaped recoveries; no one knows what the future entails.

That's the thing - predicting the future is easy, but to what extent does it hold good? Now, that's the challenge at hand.

The Post-COVID world hopes to return to individual and social stability (at all costs). Introverts may be enjoying the pandemic, but an individual does require some extent of socialization to stay sane. Businesses are set to start booming through the stimulus packages released by various countries. Trade must increase to ensure countries stay afloat. Investments from foreign nations/ companies must take place- hence, schemes must be allocated to welcome such instances.

Easier said than done.

India’s economic stimulus package was originally 10% of its GDP (consequently raised to 15%), Japan’s was 21.1%, followed by the US (13% – with a further boost because of the change in the presidency), Sweden (12%), Germany (10.7%), France (9.3%), Spain (7.3%) and Italy (5.7%).

While the world is facing 'n' number of waves, we must admit that the pharmaceutical industries have worked day and night, slogged for the betterment of the people - to ensure the right does not become a privilege. The safety of people is paramount and the pharma industries made sure of that.

With a recovery in the economy, it is going to cause an increase in sustainability and empathy. Governance is said to become proactive, and there will be a rise in international economic integration.

COVID-19 has discovered issues that we never thought to see or check, but it has unified human beings, saved the environment, and changed behavior. People tend to empathize better, think before they act.

With better citizens, of course, the economy is said to boom!