Economy after COVID-19

[Kasabus]

How do you think the economy will be after COVID-19's demise? Will it gradually recover? Or will it stay the same? Will central banks collapse to a point where only people transact with decentralized cryptocurrencies in the free world? Your input will be greatly appreciated.

It depends on how long this pandemic will last, if it last for a year many economies will collapse, some countries are already allocating their budget to this pandemic and many countries are already making a loan from the World Bank and big countries, I don't think central bank will collapse they can still manage, it's the third world countries that will greatly affected.

I think this pandemic will stay longer and second wave is already expecting like what happened to China where it is lockdown again due to some positive cases. If this will continue, the world's economy will be greatly affected as other countries are already extending loans because of their country's budget shortage. Some big establishments are still forced to close particularly those who are non essential.

[brotherwood12]

it will need time for all country to recover thei economic , but i think for develop country like japan and us , it will take shorter time rather than developed country

[Kong Hey Pakboy]

How do you think the economy will be after COVID-19's demise? Will it gradually recover? Or will it stay the same? Will central banks collapse to a point where only people transact with decentralized cryptocurrencies in the free world? Your input will be greatly appreciated.

It depends on how long this pandemic will last, if it last for a year many economies will collapse, some countries are already allocating their budget to this pandemic and many countries are already making a loan from the World Bank and big countries, I don't think central bank will collapse they can still manage, it's the third world countries that will greatly affected.

I think this pandemic will stay longer and second wave is already expecting like what happened to China where it is lockdown again due to some positive cases. If this will continue, the world's economy will be greatly affected as other countries are already extending loans because of their country's budget shortage. Some big establishments are still forced to close particularly those who are non essential.

That might would happen anytime because if the vaccine or the cure for the COVID-19 was not yet invented or discovered much faster, human lives and businesses is at risks and will continue to suffer. I also don't know how every countries will recover their economy much faster and making all of our lives normal again because even the U.S. is having a difficult time to resolve the problem with the virus.

[elisabetheva]

it will need time for all country to recover thei economic , but i think for develop country like japan and us , it will take shorter time rather than developed country

clearly for developed countries in technology and economics, despite experiencing problems in the economy, the impact is still different from developing countries. I agree that the country whose economy is advanced can quickly overcome the turmoil after the end of the pandemic. but not for developing countries will have a longer impact for recovery and of course need loan assistance from developed countries or the IMF to be able to complete in order for economic growth to recover quickly.

[iv4n]

it will need time for all country to recover thei economic , but i think for develop country like japan and us , it will take shorter time rather than developed country

clearly for developed countries in technology and economics, despite experiencing problems in the economy, the impact is still different from developing countries. I agree that the country whose economy is advanced can quickly overcome the turmoil after the end of the pandemic. but not for developing countries will have a longer impact for recovery and of course need loan assistance from developed countries or the IMF to be able to complete in order for economic growth to recover quickly.

It's like you say, for rich this will not be a big problem, for poor it will be a bigger problem, but who cares, it's the life they are living, they should get used to it by now. That's the economy we work for, that's the love in the world, who fucks others if we are at good spot.
Apparently we don't need to work on changing economy, before everything we should try to change our minds and the way we think, after that everything else will be easier to change. Can we see a better days for all of us or not? With current economy and thinking we are far away from that.

[rnsribeiro]

it will need time for all country to recover thei economic , but i think for develop country like japan and us , it will take shorter time rather than developed country

clearly for developed countries in technology and economics, despite experiencing problems in the economy, the impact is still different from developing countries. I agree that the country whose economy is advanced can quickly overcome the turmoil after the end of the pandemic. but not for developing countries will have a longer impact for recovery and of course need loan assistance from developed countries or the IMF to be able to complete in order for economic growth to recover quickly.

I tend to agree, however we see now clear tendency in most of developed companies to hire remote workers. Most of the time it happens for company to save money on cheaper specialist from foreign country.
So this way developed countries will partially help developing countries to overcome turmoil after the end of the pandemic

[$crypto$]

I think this pandemic will stay longer and second wave is already expecting like what happened to China where it is lockdown again due to some positive cases. If this will continue, the world's economy will be greatly affected as other countries are already extending loans because of their country's budget shortage. Some big establishments are still forced to close particularly those who are non essential.

Seeing the current situation, it is indeed positive that Covid-19 continues to surge until now, of course, with this outbreak, it will continue for a long time during this pandemic. will be very worried for the whole world.

Lockdown is still in force today and even many people are starving because there are no jobs so they will survive difficult.

[Alert31]

With the ever-increasing need for social distancing, people are recurring to online payments and e-commerce sites. The longer it takes to find a cure for the disease, the faster our world will change economically. During the pandemic, people will be using credit/debit cards more than physical cash itself. It's no wonder since physical cash is known to carry germs and bacteria with them.

Now, imagine an scenario where the cure for COVID-19 have been found while people are directly attached to the online world. The economy might never be the same as before, since people will start to value intangible items over tangible ones more thoroughly. A world where everything is digitized or "tokenized" seems to be the economy of the future. By then, each country will have its own CBDC living alongside traditional cryptocurrencies we know and love today. China might be the first country to launch a CBDC, followed by the US and several other countries. The launch of government-backed digital currencies wasn't a subject that heavily touched by world leader before the pandemic. Now that coronavirus encourages social distancing, things will accelerate quite a bit in the development of CBDCs for the whole world to use.

How do you think the economy will be after COVID-19's demise? Will it gradually recover? Or will it stay the same? Will central banks collapse to a point where only people transact with decentralized cryptocurrencies in the free world? Your input will be greatly appreciated.

I think you should consider other intangible materials that people needs and it can't be done through online. Only payments and remittance can transact online but in terms of goods it's not. Bank will exist continously despite of covid 19 because people are more familiar using it and it has a big rule in government. Also transaction of fiat and decentralized crypto can be run through banks if ever they accept crypto currency and it will be great because crypto will spread its importance and usage specially in times of pandemic like this covid 19. And people will adopt crypto currency as part of economic changes.

[princesspoppy]

Popularity of cryptocurrencies may increase or may have already increased because of this covid 19 crisis but for it to be totally accepted and use by all people as well as the government, I think it will still not happen, not yet soon. There are many other ways of making payment beside from using fiat currencies. We have credit cards, debit cards, even e-wallets are being used now. As for the economy, there's nothing else will happen to it but to recover. Many countries may struggle to recover and it may take some time, but they surely will.

[Abiky]

I don't think that the changes in the economy will apply to every country. These changes will probably and mostly apply to developed countries. Not every country and people are capable of doing digital transactions. Yes, it's now an option but I think most people would still rely on the traditional transaction using paper money.

What changes could be applied because of this pandemic is the safety barriers and precautions when two people are making a transaction to lessen physical contact. What I can see during this pandemic is that people are relying on e-commerce but people still use paper money to pay for what they bought.

After this COVID, I think people will be more conscious and careful about their environment and will be more hygienic. The economy won't collapse because that's what they are preventing, neither central banks. People don't easily adapt to sudden changes like every transaction would be digital. And when we say digital transactions, it's not only decentralized crypto. They more likely to accept digital payment using e-wallets or cards.

That's certainly true, mate. Not every country will be able to adopt digital payments in the time-being. Maybe in the next 20 - 30 years, everyone will be able to participate in the digital economy? What's needed is a global satellite network to broadcast the Internet even in third-world countries. As the pandemic marked our lives forever, people will get used to social distancing living on the digital realm. After a cure or vaccine is found, it'll be hard to go back to normal. There will be a new normal where people tend to value intangible items than tangible ones. With contactless payments, decentralized cryptocurrencies, and even CBDCs, the world's economy will never be the same.

One thing for sure, is that COVID-19 has brought us a valuable lesson. Most (if not all) people will be more responsible by taking the measures necessary to preserve hygiene, etc. Physical interaction will be reduced as much as possible as we transition into a new era where absolutely everything is guided by AI and other technological infrastructure. There are many wild speculations about how the global economy would be after COVID-19. I'm guessing that jobs will be realized remotely, while those requiring physical interaction (construction, hospitals, etc) will be performed by bots. All of this could happen in the future once the economy recovers gradually after the end of the COVID-19 pandemic. Just my opinion

[chaser15]

Will central banks collapse to a point where only people transact with decentralized cryptocurrencies in the free world? Your input will be greatly appreciated.

It doesn't mean that if we say "digital", it means that people are now using cryptocurrencies.

The central bank will always be considered as primarily used for any payment. It's just in another form which is cashless.

Bank transfer today just takes up a second before the other party will receive it. So fast and convenient.

I'm into crypto but that's the reality.

[BTCicecream]

current next block fee is about $6 USD, if no 2nd layer is ready, BTC will remain as a speculative asset like gold.

[imstillthebest]

Will central banks collapse to a point where only people transact with decentralized cryptocurrencies in the free world? Your input will be greatly appreciated.

It doesn't mean that if we say "digital", it means that people are now using cryptocurrencies.

The central bank will always be considered as primarily used for any payment. It's just in another form which is cashless.

Bank transfer today just takes up a second before the other party will receive it. So fast and convenient.

I'm into crypto but that's the reality.

banks also evolve too and now have thier online versions and apps . they work like how any digital currency work and they are infact more secure but the only issue is that they arent anonymous as what crypto can offer so that can be the edge of crypto on why people will prefer it . banks will not collapse but people will now be more expose to digial transactions right after the covid . i think that somehow contributes to the economy too ?

[rk8814719]

Due to covid 19 economic fallout of this unprecedented lockdown has been dire. Businesses have closed, unemployment has risen and productivity has fallen.
India's growth engine was actually sputtering well before the threat of outbreak arrived. Once one of the fastest growing economies in the world, its growth slowed to 4.7% last year - the slowest level in six years.
Unemployment was at a 45-year high last year. Industrial output from the eight core sectors at the end of last year fell by 5.2% - the worst in 14 years. Small businesses had only just begun to recover from the controversial 2016 currency ban that came as a body blow to the cash-consuming informal economy.

[cabron]

Growth will always be gradual even before covid19. The economist may say like India has the fastest rise of economy or so but the regular people don't feel like there something is growing.

Adoption of digital currencies will always be slow just as bitcoin had been taking it slow. The country may first try it to one of their city and then another. China had adopted cashless transaction long time ago though that is why they tend to adopt faster.

[Reatim]

I don't think that the changes in the economy will apply to every country. These changes will probably and mostly apply to developed countries. Not every country and people are capable of doing digital transactions. Yes, it's now an option but I think most people would still rely on the traditional transaction using paper money.

What changes could be applied because of this pandemic is the safety barriers and precautions when two people are making a transaction to lessen physical contact. What I can see during this pandemic is that people are relying on e-commerce but people still use paper money to pay for what they bought.

That's certainly true, mate. Not every country will be able to adopt digital payments in the time-being. Maybe in the next 20 - 30 years, everyone will be able to participate in the digital economy? What's needed is a global satellite network to broadcast the Internet even in third-world countries. As the pandemic marked our lives forever, people will get used to social distancing living on the digital realm. After a cure or vaccine is found, it'll be hard to go back to normal. There will be a new normal where people tend to value intangible items than tangible ones. With contactless payments, decentralized cryptocurrencies, and even CBDCs, the world's economy will never be the same.

20-30 years is too far because with the advance technology we have now?we will not needed 10 years before finally the world
will be using E wallet and so does the payment will be deal of using Online and no needed for physical transactions and in
 this part the digital currency will be on top.

We are now looking forward about the vaccine from this Virus so whenever it comes again the world is ready enough and
wont bring that same effect as what we have now that shaken the whole world and even the strongest and toughest country
 in the world USA is now dealing badly in this pandemic.

But this comes as eye opener that securities are not just needed in violence and some sort of terrorist because look at this
 one?kills hundred thousands without even seen and spreads the world without even interfering so from this we will be
always alert and aware that some kind can strike at any time .

[Wafilian]

The use of electronic payment methods instead of paper money will increase due to maintaining social distance due to epidemics. People will be inclined towards electronic payments due to security reasons. But because of this epidemic, the whole world will fall into an extreme financial crisis. The economies of many countries have already collapsed, Now the biggest challenge for the world is to overcome this crisis.

[Negotiation]

The economy is set to get worse after COVID-19 but the crisis is likely to ease somewhat if we shift to electronic payments People will be in more financial trouble because of the closure of business and trade. In that case, if we invest in bitcoin it is possible to recover the country's economy. Although the economy has been hampered by COVID-19 the crypto market has not had much of an impact so it's a good time to make money online from home.       

[rk8814719]

Due to covid 19 India is widely affected by this pandemic. As on 23.05.2020 more than 125000 cases of Coronavirus have been confirmed in India with more than  3700 deaths.India having the highest rate of density population in the world the Governments, both at Union and State levels commenced necessary actions on war footing to prevent the spread of this pandemic.It was all the more so when it is known that this deadly disease has no medicinal cure.India started as one day Janta Curfew on 22.03.2020 by the Prime Minister of India and lockdowns by some of the state governments, the entire country was declared to be under lockdown from the midnight of 24.03.2020, and the same continues to be so till now or atleast till 31.05.2020 unless extended.everything and every activity, barring the activities relating to and concerning with the essential supplies came to a complete grinding halt. Though the improvement in the environment due to such a lockdown was a silver lining, however the toll on economy due to this lockdown is too early to be estimated.affecting the economy chart. It is believed that India's aggressive lockdown could bring the country's growth down to 2.5 percent from 4.5 percent it had earlier estimated. However, as per a statement released by Chief India Economist of Goldman Sachs on 09.04.2020, the economic growth of India has been estimated at a low figure of 1.6% only.

[Maslate]

We will be bound for recovery for sure, the world will slowly recover from the damage this pandemic has cause, it will be hard but as usual the world will recover. Our economy will be affected a lot, especially the small countries which will be heavily affected by this pandemic, most countries who are already in big debt problem might experience an increase of the problem, and the most surprising that I would expect to happen, world ranking based on economy might not be the same anymore.