The Reimagining World Economy in a Post Covid Era: Analysis by Benjamin Gordon Palm Beach
COVID- 19 has greatly affected the world economy, and it is now experiencing its deepest crisis in history. With total shut down of the nations across the globe there came discontinuation of different economic services like supply, travel, export-import, etc. The economic crisis has deeply affected the world and the population of different countries. With the covid situation receding, we can reimagine the world economy coming back on track and recovering itself. We can hope that the decision-makers of the countries could find solutions to revive the economy. We bring to you steps to revive the economy.
Steps to revive world economy by Benjamin Gordon Palm Beach
The foremost step to revive the world economy is understanding the areas where the pandemic has attacked the most and damaged it. There are four to five sectors on which the covid has great impact, and if we could revive those sectors of the economy, the situation will improve to a greater extent. The areas are.
- Small businesses- Pandemic has greatly affected the small businesses of the countries and people. Most of the businesses are on the verge of failing and shut down. As small businesses are the lifeblood of the country’s economic growth, without such SMEs, it becomes hard for the country to maintain good economic growth. The pandemic has greatly affected this sector as most people have lost their jobs because the owners of these SMEs do not have enough funds to pay their employees.
- No investments- With pandemics affecting the economy globally, it presents huge risks in the investment sector as people will think twice about investing in any business because of the uncertainty in the world. This will affect the start-up industry, and joint ventures will also find it hard to get funds. To tackle such a situation, it is advisable to allocate more funds to innovative research and development as some of today’s most successful companies were founded after the great recession as people started to fund them. To avoid situations like the great recession, people need to invest in new innovative companies.
- Accommodation and food services- The covid crisis has exposed these high concentrated regions to take the brunt of economic recession. Accommodation and retail services are largely affected by this pandemic. Thus increasing the rate of unemployment as well. We can only help them survive in a revived economy by building an economic structure that could break this pattern.
The most affected areas over the years in any economic recession have always been these sectors that we have mentioned above, and the only way we can help them survive in the revived economy is by building a structure that could withstand such blows. As the productivity rate has been quite low in recent times, it has putt constraints on various sectors and increased the inflation rate. According to Benjamin Gordon Palm Beach by reinventing the economy of their country, we can easily reinvent the world by working together.