Economy after COVID-19

[Maroons]

Many companies learnt and adopted new ways of working remotely. Even after this pandemic, they can still allow some employees to work from home and safe the company costs too depending upon the nature of the work. There is a lot to learn from this experience and can be utilize effectively in future.

Here in Singapore, almost everyone who works in the IT sector is working from home. It has proven to be beneficial for everyone. Daily commute was always a big headache for me, because I used to take the public transport. The employees are as productive as they were earlier and now everyone is left with additional savings. And at least in my sector, the revenues are stable and not impacted in a big way by the COVID 19 pandemic.

After this pandemic people will realize the convenience of online services because now while we are in pandemic people will often choose to just top up their digital wallets and then pay their bills, company and people will interact more with online services and yes economy will slowly recover because people and companies have adapted the situation and will be more engage to online services.

[aiguy]

As the pandemic virus is still there in our world, our economy gets suffered because of being lockdown and all of the business has temporarily closed to avoid going out of other people so we can lessen the infected of the virus.
I think if this pandemic virus would still continue our economy will suffer so hard to the point that when the crisis has gone it would really hard for us to recover because of the big effects of the virus.

So I am still hoping that there would be someone who will create a vaccine for this pandemic virus so we can now do our activities and stuff, the business will get recovered and the economy would too from being suffered.

yes I agree, and the main thing is , it will take time to finish, may be its will stay forever like influenza. so there is hope, and the second thing is , there will be take time to recover economy , minimum will take 6,7 years. Because this pendamic push us 10,15 years back.

[aiguy]

Here in Pakistan Investment banker and risk analyst Khurram Schehzad expects Pakistan's economy to shrink by $15 billion as a result of the pandemic. He also predicts a 10% decline in gross domestic product (GDP) in the fourth quarter of the financial year 2020.

[Abiky]

The virus will end only if an effective vaccine is found. Unfortunately, vaccine developers in US/UK are saying that their vaccines won't be available in the market until the first half of next year. Russia and China have developed vaccines and they have made them available to the citizens. But the WHO hasn't approved these vaccines and have issued warnings against their usage.

That's certainly true, mate. Without a vaccine, we cannot talk about the recovery of the world's economy. Fortunately, many countries around the world are already working on a vaccine for COVID-19. Some countries have already developed it for mainstream use (like China and Russia). Once people are vaccinated, then COVID-19 will gradually disappear from the face of this Earth. Only then, the world's economy will recover to pre-COVID levels. The longer COVID-19 takes to fade into oblivion, the deeper our economy will sink. Consider how COVID-19 has negatively affected the US' economy, where unemployment rates have skyrocketed like never before. The government has tried to enforce social distancing measures and some states have begun doing contact tracing, but the economy is still plunging. Nothing will be able to move smoothly until a vaccine is released to the public.

In the bright side, COVID-19 has accelerated the adoption of digital payments in the mainstream world. Crypto has largely benefited from COVID-19, since people have adopted it more thoroughly as a safe-haven against traditional Fiat currencies. It shouldn't be long enough before crypto becomes widely accepted in the mainstream economy. After the demise of COVID-19, it's expected that the economy will recover at a slow and steady pace. The crypto market will rise exponentially in price during this period as more people pour money into prominent crypto assets like Bitcoin and Ethereum. In a post-COVID world, there will be a clash between the "De-Fi" and "Ce-Fi" industry. The economy will never be the same as before since we'll be living in a full-fledged cashless society. Ultimately, the vaccine will determine the future of our economy depend on how long it takes to become available to the public. Just my thoughts

[bryant.coleman]

After this pandemic people will realize the convenience of online services because now while we are in pandemic people will often choose to just top up their digital wallets and then pay their bills, company and people will interact more with online services and yes economy will slowly recover because people and companies have adapted the situation and will be more engage to online services.

It is not just about making online payments and connecting people. Even in developing nations such as India, school classes are being conducted using mobile applications such as Microsoft Teams and Zoom. People are preferring grocery shopping using Amazon and other online providers rather than going to the supermarkets. This can be beneficial in the long-term, by eradicating the middle-men.

[abhiseshakana]

It is not just about making online payments and connecting people. Even in developing nations such as India, school classes are being conducted using mobile applications such as Microsoft Teams and Zoom. People are preferring grocery shopping using Amazon and other online providers rather than going to the supermarkets. This can be beneficial in the long-term, by eradicating the middle-men.

Social, economic, and cultural forms will change after the Covid pandemic. Pre-covid happened, there was a campaign on industrial revolution 4.0 with all its attributes regarding robots, IoT, algorithms and AI. So that it has led to speculation that Covid is by design to accelerate or force all international elements, ranging from individuals, corporations, countries & non-state actors to accept this. Technological progress is two blades, namely ease and efficiency. The word efficiency is a scourge for many people, especially job seekers and exposes them to compete with robots. On the one hand, technology in its development is always expensive, many parties rarely and have not invested in this sector so that in the end they lose the moment and even experience a setback.

Covid has made the industrial revolution more acceptable and less confrontational. But I doubt a little that technology can restore people's purchasing power and roll back the production sector. Because without the purchasing power of consumers, technology will only be enjoyed by some groups.

[bryant.coleman]

It's from country to country, I live in Ireland for last 10 years, and I can say that this country will never be cashless, people just like cash and like to go in local store.
Have buddy who work in security company which collecting cash from companies and he said that there is a little bit less cash than before covid (crazy was from april till june when was lockdown).

People here just believe to much to ads, so all local store have large signs that they proudly support irish butchers and all meat is irish, same for fruit etc.
Country where I'm from is different story, even my father who is in early 60's start using amazon and other sites for shopping

In every country, you can find people who don't want to use online modes of payment. Here in Singapore, online payment methods are very popular. But even then, I have seen people who don't have a mobile wallet or a credit card. I am not talking about elderly people here. Some of my friends (who are in their 30s) don't have an online payment account. In the end, it is up to the individual.

[JuSayCo]

Demise of cash doesn't automatically mean rise of new digital currencies. There is still going be digital fiat (credit cards, or whatever that CBDC thing is, etc) for a long time.

The economy in general will be fine but many businesses will not recover. A lot of people got a taste of doing things online who wouldn't have done it otherwise and some simply won't go back. There are entire industries that are in big trouble, like movie theaters.

Exactly Fiat will still remain until people get well educated about crypto currency, now the key factor is when this pandemic will come to an end?? It clearly looks like it will take more and more time to recover. As far as I know manufacturing industries have been affected very badly than others because the people will work in large numbers and the owner cannot safe guard everyone in daily basis which is very challenging, instead they are preferring to lock the gates and wait till this pandemic recover. Well there are hundreds of manufacturing industries across the globe just imagine how badly the economy will affect, my point is it will take more time to recover like at least a year..

You are right. The economy will not recover just in a short period of time. It will take a year or two, I guess. A lot of non-essential industries are still closed and others are already bankrupt because of this pandemic. And we don't even know if we could still go back to our normal lives, we can't be so sure if this corona virus will be gone totally in every country.. Unless, the vaccine that was created by the experts from the leading countries will be successful. If the vaccine will have positive results, then maybe the economy will slowly recover.

[themohit]

After the economic collapse of the covid-19 period. There will be a lot of fast growing businesses. The introduction of vaccines will mark the end of the pandemic.
-Pho

How come?
I mean there is a pretty big chance people won't have enough money to buy things apart from food and other basic stuff.
We all have to believe and hope for the best, but lets look into reality and it may occur ugly

[Abiky]

It is not just about making online payments and connecting people. Even in developing nations such as India, school classes are being conducted using mobile applications such as Microsoft Teams and Zoom. People are preferring grocery shopping using Amazon and other online providers rather than going to the supermarkets. This can be beneficial in the long-term, by eradicating the middle-men.

Without a doubt, COVID-19 will trigger a radical transformation in the world's economic system. We've already seen how telecommuting jobs have become extremely popular in the mainstream world. Everything seems to be heading towards the digital world as we speak. Classes will be conducted online via virtual chatrooms, banking will become completely digital via the launch of CBDCs, and you'll be working online from home. After the demise of COVID-19, it's expected that physical interaction will be a thing of the past. Nothing will ever be the same as the pandemic has marked our lives forever.

This is good for crypto/Blockchain technology, as it increases mainstream adoption at a fast pace. We'll be dealing with both cryptos and CBDCs in the not-so-distant future. By then, it'll be the clash of the centralized and decentralized world. Physical cash (Fiat) will be history as central banks around the world phase them out from the face of this Earth. We could say that we're heading into the "Intangible Age", thanks to the effects of COVID-19 in the mainstream world. Even if the disease disappears, it looks unlikely everything will go back the way it was before it. Slowly but surely, the economy will improve after the demise of COVID-19. Just my thoughts

[CODE200]

The economy after covid-19 pandemic would surely undergo into the phase of recovery since what each and every country around the world is waiting to fully open up their economy is the availability of the vaccine that would end this one up because even at this phase of new normal, business establishments and working spaces are still into a limited operating capacity which will take the recovery into a slow rate and it will take long time before the full recovery of the economic status to occur. But if the vaccine would be available as soon as possible, everything would surely get back to normal meaning all working spaces can now operate to the maximum working capacity like before. But even if such thing would happen, surely the long time of getting digitalized on doing everything (work, transactions) will be adapted since it became of the people's life during the existence of the covid-19 pandemic.

[Bezobraznike]

The economy after covid-19 pandemic would surely undergo into the phase of recovery since what each and every country around the world is waiting to fully open up their economy is the availability of the vaccine that would end this one up because even at this phase of new normal, business establishments and working spaces are still into a limited operating capacity which will take the recovery into a slow rate and it will take long time before the full recovery of the economic status to occur. But if the vaccine would be available as soon as possible, everything would surely get back to normal meaning all working spaces can now operate to the maximum working capacity like before. But even if such thing would happen, surely the long time of getting digitalized on doing everything (work, transactions) will be adapted since it became of the people's life during the existence of the covid-19 pandemic.

   I have to say two things about this matter, Covid-19 pandemic is not over, and some businesses are doing fine in this pandemic.
We can't generalize this matter, while some businesses suffered from measures, some businesses having a record profits. Nothing is
black and white in global economy.

[Dorodha]

The effects of the epidemic are not over yet In that case Economy after COVID-19 is difficult to say at what stage the economy will go after COVID-19. The effects will not end until the vaccine is available control is actually increasing again. The virus is re-emerging in China after the virus the economy will improve a little but everything is starting anew to open everything.

[moneyfreak2704]

The most difficult part will be the inflation, and I am sure because of that, people will invest more in btc.

[finaleshot2016]

The effects of the epidemic are not over yet In that case Economy after COVID-19 is difficult to say at what stage the economy will go after COVID-19. The effects will not end until the vaccine is available control is actually increasing again. The virus is re-emerging in China after the virus the economy will improve a little but everything is starting anew to open everything.

Agree, vaccine is the key to all of the economy crisis. Some are now stable but once another pandemic that is biologically related to COVID appeared, it will be another chaos. As long as there is a global economy crisis, it will not go back to the stable economy.

It'll be hard for an economy recover until vaccine with perfect trials have been made.

[Max2140]

I think it will be a VERY long recovery as COVID-19 has triggered the largest global economic crisis in decades. So many businesses depend on each other in the modern economy and so many of them suffer + so many money has been printed, which will trigger further inflation, so it will take years to return to a normal economic environment. This is positive to Bitcoin, though, taking into account its deflationary economic model and censorship-resistance.

[bryant.coleman]

The effects of the epidemic are not over yet In that case Economy after COVID-19 is difficult to say at what stage the economy will go after COVID-19. The effects will not end until the vaccine is available control is actually increasing again. The virus is re-emerging in China after the virus the economy will improve a little but everything is starting anew to open everything.

Agree, vaccine is the key to all of the economy crisis. Some are now stable but once another pandemic that is biologically related to COVID appeared, it will be another chaos. As long as there is a global economy crisis, it will not go back to the stable economy.

I don't think that vaccine will have any impact. Yesterday I was watching the statement from Dr. Robert Redfield, who is the head of the Centers for Disease Control and Prevention. He was saying that a vaccine won't be available to the general population before the third quarter of next year. So what are we going to do for the next 12 months? I believe that most of the countries and territories will be able to achieve herd immunity, long before any of the vaccines become available at the market.

[Salauddin1994]

After the economic collapse of the covid-19 period. There will be a lot of fast growing businesses. The introduction of vaccines will mark the end of the pandemic.
-Pho

How come?
I mean there is a pretty big chance people won't have enough money to buy things apart from food and other basic stuff.
We all have to believe and hope for the best, but lets look into reality and it may occur ugly

Yes as the economy is hurting many companies are closing down their companies in which case many people will become unemployed to lay off workers. Lack of adequate work will lead them to financial crisis which will lead to many difficult situations to survive including their livelihood it is not possible to stop the spread of the epidemic until the vaccine is available.

[Abiky]

I don't think that vaccine will have any impact. Yesterday I was watching the statement from Dr. Robert Redfield, who is the head of the Centers for Disease Control and Prevention. He was saying that a vaccine won't be available to the general population before the third quarter of next year. So what are we going to do for the next 12 months? I believe that most of the countries and territories will be able to achieve herd immunity, long before any of the vaccines become available at the market.

Probably. If we reach heard immunity, then a vaccine could wait. The important thing is to minimize COVID-19's impact in the mainstream economy. Once the disease weakens, we can expect the economy to go back on track. The recovery will be certain, albeit at a slow and steady pace. Right now, we're living in a period of uncertainty as there's no proven cure or treatment against the novel coronavirus disease. With many people dying, we cannot expect the economy to keep moving forward. On the contrary, it'll continue to decline until it becomes worse than "The Great Depression". The US has been the severely-impacted country in the world by COVID-19. With the USD being the reserve currency of the world, the decaying American economy affects other countries as well. Crypto's unprecedented rise, has raised the attention of governments and central banks alike. It's today where many countries around the world have announced the launch of CBDCs of their own. In a post-COVID world, the economy will be completely "digitized" leaving physical cash out of the equation. Everything will go back to normal but not exactly the way it was before the dreaded coronavirus disease.

Nonetheless, time will tell us how our economy will behave after COVID-19. The longer the disease takes to fade into oblivion, the longer it'll take for our economy to recover. If the economy gets severely impacted by the pandemic, it might get to a point where there's no recovery whatsoever. Let's hope that the vaccine or herd immunity comes first in order to see the light at the end of the tunnel. Just my opinion

[DM-12]

What do you really mean by home industry?

In developing countries, many small and medium businesses are done from home such as the snack industry, the garment industry, the detergent making industry, the handicraft industry, the street food stalls, the cooking equipment manufacturing. Usually small and medium industries are not affected by the recession. But it is different when the corona pandemic occurs with the lockdown hitting the demand line reaching the street vendor sector.

In this corona condition, all parties are affected, but the most affected are the poor people who can only rely on direct government cash assistance and a helping hand from generous people. While the health industry is indeed the vanguard in the war against the corona pandemic, but the health sector is the sector that receives the most attention from the government and also volunteers at this time given the importance of this line to cover the dark episode of the pandemic.

Some countries and some companies will survive but most of the countries will have a recession, these countries are those coming from third world countries and those with very high numbers of infected.

After the corona ends, the form of the economy cannot be ascertained considering the predicted end of a pandemic. Because after all the pandemic is a burden on the state budget. Therefore many countries have begun to reopen their economies even though the corona pandemic fire has not yet ended. The longer the lockdown, the longer the market is closed, and the longer the activity ban is imposed, the passion and ability to consume will decrease. even though in the midst of the global supply chain breaking up, domestic consumption is the only mainstay of the government to turn the economy.

With this strategy, the government also hinted that economic reopening is not all back to where it was before the pandemic took place but there are a series of regulations that must be obeyed and the government surrenders to the community, following regulations in the hope of survivors or ignoring regulations with choices ending in death.

Illness has accelerated the closure of some businesses, and fear of unemployment has become the trendiest topic of the year. However, some industries have bucked the trend of growth during this epidemic. Vaccine companies, and detergent manufacturers have received a lot of money. Even water softeners have seen sales increase with the quarantine policy. In fact, part of it is stockpiling. The best known advertisement for water softener is probably the ancient Chinese secret detergent. The demand for it increased significantly during the epidemic. https://www.mdhist.com/plebeian/4010/