Business - The New World Order After The Pandemic

Business - The New World Order After The Pandemic

Imagine, one day you wake up and things are normal again. There is no news about the Pandemic that once shook the entire world. Imagine, the day when social distancing is long forgotten and industries are breathing again. Countries resume working to get back up on their feet again. Parks are crowded and malls are packed with teenagers once again. If only this vision could be realized easily in reality. Recovering from a Pandemic requires time, endless efforts and a lot of determination. The global economy was already going through a rough patch and with the novel COVID-19 spreading like a wildfire, every effort has gone back to where it all started. Let’s not overlook that the pressure is intense. With countries struggling to juggle between an ongoing health crisis and maintaining a decent GDP, it is hard to guess how quickly will things normalize once the Pandemic is over. The novel Coronavirus is here to change the world permanently. Here is how the new world will look like once this Pandemic is over:

How Will Businesses Recover from the Pandemic?

Startups that have been waiting for their moment in the spotlight have now been pushed in a situation of utter confusion. Will the impact of this virus on consumers drive them towards making new changes to their business plans? Will there be new market research required? Will things become easier? Startups are now faced with intense uncertainty. Moreover, due to the virus even well-established businesses are considering adjusting themselves to the changing needs of consumers and suppliers, which is no less than a challenge itself. We might see some businesses making a strong comeback post Pandemic. For instance, a business has been seeking a fresh start can take this situation as an opportunity. That particular business can figure out the weak areas in its business plan, formulate new strategies and implement changes that would contribute to its growth, once things are normal again.

How Will the Economy Sustain Once Things are Normal?

The first thing that comes to mind when talking about the economy is a collection of boring facts and figures related to how a society is performing in terms of its production, income and various statistics. Nevertheless, under the surface, the basis of an economy are the very people in the community. Since people have been directly impacted by the spread of the virus, the economy will always follow suit. Just as people have been locked up in their homes, the economy of almost every country has come to a surprising standstill. No people out and about means no business taking place, no business taking place means no revenues and profits made, no revenues made means no wages for workers. The cycle goes on and as a result, we see a sharp decline in oil prices to as low as $20 per barrel and to say the least, this is just the tip of the iceberg. Social distancing has affected daily wage earners the worst and it’s pushing people back to the poverty line. Fortunately, governments of different countries across the world are doing their part to make sure that along with medical aid and relief, people financially stricken by the virus are well looked after. When it comes to the ailing economy, experts are predicting that we will most likely see a much-anticipated boost in the economic conditions as things get back to normal. Take oil for example; once trade and business resumes, all companies and even domestic users of oil will take advantage of the low price and that will result in an increased demand. Similarly, once people resume their work, they will also contribute to the healing of the economy. Once unemployed workers will get back their jobs, the needle of the economy-meter will start deflecting towards the normal side. Employment rates will rise, so will the GDP growth rate and international trade will once again turn this newly healed and refreshed planet into a global village market.

What about the People? How Will They Make it Out of this Situation?

The entire coronavirus dilemma has come to the humankind as nothing less than a Scorsese creation. Staying at home, away from the world has pushed many of us into experiencing nightmares, uncontrollable rage, frustration, and irritation. Problems of PTSD, Post Traumatic Stress Disorder are at a rise. Back when SARS surfaced, healthcare workers and self-quarantined people exhibited symptoms of PTSD. Plus, once the coronavirus is gone, people might even have a hard time getting over it and there’ll be constant speculations and assumptions brewing in their minds. Cases of OCD might also see a rise and there might even be a lot of unnecessary hand-washing and compulsive cleaning. We might get to see two extremes after this situation. There’ll be people who’ll stay less outgoing and they’ll try to stick with their mid-quarantine routine and there’ll be people who would go out more, you know, to make up for the lost time. Just as if there wasn’t any less of that, society will end up having more of these paradoxes. And Lastly…. Another thing that remains constant during and post Pandemic is the excessive use of infrastructure. As a result of less meet-ups, there has been a huge shift towards internet usage. If we take the example of the US, there has been a 42% rise in the in-home media usage and users are putting their high-speed internet connections such as the one provided by Spectrum internet packages to good use. Besides the internet, there will be a dramatic increase in transportation as well. You must have seen how badly the airline industry is suffering from the brunt of the novel coronavirus. Although, it is still far-fetched to assume how quickly the airline industry will get back on its feet, but keeping in mind the possible rise in demand for airline tickets, the airline industry can have a good chance of a strong comeback. The number of passengers hurrying towards the airport will increase and subways will turn to life once again.

It’s All in the Waiting Game Now

It’s surreal how the entire world has been put on hold. Undoubtedly, the situation we’re all in currently is no less than what we used to watch in the movies, but, this is not a movie. We will not have a solution in our hands in the next 2-3 hours and there’s no hero in a cape that’ll fly in to save us. All we can do is wait. The impact of this unprecedented virus is far worse than what we can comprehend, thus, the best thing that we can do is embrace the calamity and wait for it to get over. The best practice at times like these would be to consider positivity. Amid all the negativity and stress, try and look for things that cheer you up. Allow us to give you one reason. Did you know that global air pollution all around the world has decreased drastically? This could contribute massively towards saving our ailing planet from the brunt of global warming, which has been seeking our attention for as long as we can remember.

Riya Sharma

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