Excellent start .. Keep Going ..
Best Wishes ..
Raj
COVID-19 has changed the world and it will never be the same again! Though countries like New Zealand, Taiwan, Vietnam etc. are showing tremendous improvements in as travel picks up these may be a new wave of infections to attend to, as China is facing. The world is also expected to come up with vaccine (Russia just announced the first vaccine, which still needs to be tested) and medicines which can cure the disease faster. India is already showing a 70% recovery rate. The world still waits for a vaccine for many diseases e.g. AIDS, CANCER etc., thus production and distribution of any vaccine that is effective against the possible virus mutations and effective over a long period of time might take time.
In short, the world will have to live with the virus and find ways and means of bringing back life, businesses and countries back on a growth path to make life better for citizens. Health system of most advanced countries e.g. EU, US & developing countries e.g. India, African nations is finding it difficult to test and treat a large number of patients. It is expected that COVID – 19 will cover all individuals in time to come.
Continued uncertainties of today, frequent lockdowns, mass transport suspension, and restrictions might lead to social unrest and displeasure with the ruling political parties. Media has been kept busy showing numbers and graph of COVID infections by country, developing vaccines, medicine trials and findings in research papers, etc. are coming out after the initial blame game. The fact remains humanity is suffering, and management of countries and businesses are busy holding positions.
All above is leading to a situation of the World Economy will shrink in 2020. This is like given for every country, the question remains is how much and what percentage. Some of the April 20 to June 2020 GDP figures as given below. All economies are slowing down. Data from Statista.
If we consider loan defaults when all the initial backing given by the governments stop, many sectors will see defaults e.g. Airlines, Hotels, Construction companies, Non-food retail etc. Such defaults will put pressure on banks.
In summary, we see a gloomy picture all over and it is easy for anyone to give up or just do damage control to survive. In this article, however, the authors will focus upon the personal aspect of COVID-19.
Even in such difficult conditions recent Mckinsey research of 2000 Global executives in North America, India and China showed optimistic views in percentage points on the recovery of economies between April 2020 to June 2020. However, numbers may drastically change as vaccines or medicines show signs of efficacy.
As Governments become afraid of external threats spends on defence will go up considerably. This can be seen in Taiwan, India, Middle East, etc. This will push defence sector doing well in the short term.
We will try to summarize obvious impact and later generate a series of articles on how each impact area will evolve in the coming years to sustain and find a way to grow. Let us examine changes which are now going to stay for a long time. While the COVID 19 has created challenges for industry and governments, there is no immediate impact as profound as that on individual personal lives. The notion of “new normal” while easy to say, has disrupted the lives of working professionals, salaried employees, students both children and young adults as well as elderly.
The authors plan to continue to talk about the impact of COVID-19 on specific industry sectors in future articles.
Excellent start .. Keep Going ..
Best Wishes ..
Raj
Good write up with facts which is known to us. You could have incorporated some of the positive points which this pandemic have taught us. Mixing both gloomy pic with some positivity also will help people to come out of it
Thanks for sharing- look forward to next write up.
Excellent effort and one of the most relevant topic these days .