How will the world’s economy look like after COVID-19?
The truth is, we live in a world ruled by money. So much so, that there are thousands of articles published about how money influences society.
In this post by Business Insider, they make a great job of pointing out that money can’t buy happiness but it can buy privilege. As we mentioned previously on a blog about privilege in healthcare, financial stability and money can give you access to safety and to better healthcare conditions.
Besides that, with the Covid-19 outbreak and the consequent lockdowns imposed in a lot of countries around the world, many businesses were forced to close, sending a lot of people to unemployment.
According to BBC, just in the US, more than 30 million people have applied for unemployment benefits. Not only that, but according to Global Citizen, some work sectors have shut down and in-person retail shopping has pretty much vanished for the time being.
With so many businesses being affected, it’s only normal that we wonder what will be the Future of the World’s Economy after this pandemic.
There are 3 big things our governments need to think about: Employment, Small Businesses, and Healthcare.
1. Employment
There are a lot of ways countries can bounce back from the rising unemployment rates, but an effective and unexpected way would be the switch to renewable energies.
As of right now, people are getting more and more aware of how important it is to switch to more eco-friendly ways of living. One of the ways we could do that is by switching our energy production to renewable sources.
According to the International Renewable Energy Agency, this transformation in energy production could create 42 million jobs worldwide.
This could be a great way to help with the unemployment problem and part of our climate change situation.
In fact, it would even be a step forward for SDG 7 — Affordable and Clean Energy, which foresees the switch to more sustainable energy sources.
Besides that, The World Economic Forum also believes that we have to identify the Jobs of the Future. In their opinion, it’s important that we recognize what the jobs of the future are and that governments should invest in the Green Economy, science, and health research and digital infrastructure. This could result in a boom of jobs.
2. Small Businesses
What about small businesses that might not have the money to keep existing without contracting debt or going bankrupt?
Well, first, governments need to create some sort of funds that can help these small businesses stay alive. Countries like the United States and the United Kingdom are already doing this.
Not only that, but a good way for small businesses to thrive is investing more in their customer service — so they don’t lose customers and possibly attract new ones.
Another thing they can do is revamp their brand. Revamping can help you connect your brand with your customer, making your services more appealing to those who can benefit from them.
I know it’s underwhelming, but, as customers, what we can and should do is support these small and local businesses. Buying your fruits and veggies from your local grocery store and your bread at the small bakery in your street, for example, could be a huge help in the effort to make them survive this pandemic.
3. Healthcare
The last big effort that we have to do to help and revamp our economy, is to improve our healthcare systems.
This pandemic has shown us how unprepared we were for events like this. It showed us shortages in medical supplies, healthcare workers, hospital space. It also is showing us the importance of Universal Health Care. Because we can’t be safe if we don’t have a way to treat everyone and stop the spreading.
Working on our Healthcare Systems would also represent a huge step for SDG 3 — Good Health and Wellbeing, which strives to achieve universal healthcare coverage.
By revamping our healthcare systems and making them more capable and prepared, our governments are ensuring that, in case another pandemic happens, we don’t operate on a flawed medical system. This could lessen the money strain on the finances of many countries.
In the end, there’s a lot that is going to change and it might feel like there’s not much that you can do about it, but there is!
You can start by supporting local businesses. You can share your skills that are important for these ‘’futuristic’’ jobs and help others be more qualified. You can vote for laws that encourage the green economy. And you can stay informed.
We are all in this together, and together we can make a difference!
