From a distance it is naive to think that the world would not change post-corona when we are still battling chaos from COVID-19 pandemic as of writing this article.
I had a call from one of our EZTax.in client from Switzerland concerning about his stay in India would be extended beyond foreseeable future .. BTW, he is wise & achieved in his profession migrated several decades ago. I asked why he think that way ? as the known news is to have international airways closed only until Mar 31st 2020. He said, he came from Swiss not to bear what’s going on due to all three countries surrounded by Switzerland is in deep trouble and he expects the current panic would continue for months to come. Which is very scary. Surprisingly a client of EZTax.in in China had a hope that they would be normal soon.
The damage done so far by this pandemic will be referred for decades to come
Despite which version we take as the basis, the magnitude of shutdowns, lock downs are un-imaginable and creates many unknowns. The damage done so far by this pandemic will be referred for decades to come. It’s interesting when the countries are shutting down, the financial markets showing the needle towards upside is baloney at its best. may be the reason why majority of India lost confidence on markets a while ago.
a virus that would change its composition very quickly
The solutions we see towards a drug or immunization for such virus is encouraging. But it’s a virus that would change its composition very quickly and adopt to new environment.
The new normal would be that the countries, states, economies will have new policies, frameworks to be prepared for such in future and make the people orient towards it. When fear is driving, changes would come naturally.
I would say .. economy and politics draw attention as pre-, post- corona. The seven things that would be different post-corona would be …
India and beyond gives at most importance to “Glocalization”
1. Policy making bodies in India and beyond gives at most importance to “Glocalization“. No more large economies can afford to depend on a single country China as their supply chain.
2. Social media’s power was evident and it’s scary to think how it may impact on social, political landscape. Power of social media is further explored and integrated with the government agencies more than today.
3. Healthcare is not an option anymore but to be a Top Priority. A possible nationalization or similar measure (NHS in UK) may take in to effect.
4. Nothing can stop Technology taking over most of the essential services in the name of green economy which were protected until this time due to government policies.
5. Remote work, Consulting culture would be new norm similar to USA in India. This opens up a lot of opportunities for both employers and consultants in India, particularly for women workforce.
6. Commercial real estate, energy, travel, airlines, hotel business may take a large hit and these industries may transform.
7. Cost of money, Cost of Credit will go down substantially and join international community norms .. while this put extreme pressure on elderly but would open lots of opportunities to young SMEs.
#COVID19 #Corona #Virus #Glocalization
Original article from Linkedin.com reproduced for broader attention to EZTax.in audience to bring awareness on impact.