Economy after COVID-19

[samputin]

With the negativity corona virus brought as this year still it showed positive adoption towards online payments and ecommerce wherein it paved a great part to us people who are stuck inside our houses. I believe we are still be using online payments if vaccine will finally out in the market and we will be gradually making our economy healthy.

Well, even before the pandemic, online payments were already a thing. But this year, it was more patronized and appreciated because no one or limited number of people are allowed to go out. And of course, we fear that we might catch the virus so for the sake of convenience and staying safe and healthy, online transactions as well as businesses boomed.

So, even if the pandemic will be gone and people are allowed to go out again freely, online transactions will still be here because we're gearing towards a more digitalized age. And that's one thing that'll help our economy grow.

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[Traderbtcc]

How do you think the economy will be after COVID-19's demise? Will it gradually recover? Or will it stay the same?

The economy of every affected countries crumbled during the pandemic, since people could no longer go about with their daily business, I believe everyone expects the economy to recover once there's a cure for the deadly disease, but unfortunately I doubt if life will go back to normal cause from the price of every commodity has risen up, I doubt if those producers will agree to reduce the prices of their goods they will still want to get that huge profit they are making now.

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

Since crypto is not yet officially legalized in any country, I don't think the central bank will collapse if people continue using digital currencies for transactions online, cause no matter what they do they will still need to change their crypto currencies to their country's fiat to be able to purchase any item in their country.

[tyz]

The economy collapsed due to COVID-19 Bitcoin is growing based on its demand the epidemic did not break Bitcoin so if the whole world supports Bitcoin then its use of bitcoin investment will help improve the shattered economy. Banks will bring their transactions back to normal many traders will invest in Bitcoin through loans due to the increase in the price of bitcoin.

The Bitcoin rally has nothing to do with the pandemic.

Not directly, but indirectly. Of course, the rise in the Bitcoin price also has something to do with the good news and that more and more institutional investors are deciding to invest in Bitcoin. But that is also because they no longer have any alternatives. Stocks, bonds, gold, real estate and so on are extremely expensive and this is also due to the printing of fiat money, which was high before the pandemic and is now even more. Without the pandemic, Bitcoin would not have risen to this level at this point in time.

[Karartma1]

I would like to specify one point only: when everything crashed in March, bitcoin crashed too (hard). The difference between bitcoin and everything else is clear: bitcoin's been the only asset to rise so bad after the March crash which is directly related to the pandemic. If you can't see that, go to your optometrist.

[imking]

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.

This posted topic is remarkable as it gives a clearer picture of the aftermath of COVID-19 pandemic. In support to this claim, I also agree that the economy will not be the same as the "normal" due to many walk-in job closures because of the adverse impact of the virus crisis particular to our source of income and livelihood. Despite the possibility that the future that awaits is foreseen to be "digitized", I still believe that this may unlikely be applicable to every country. As I am residing to a less-digitized country, I witness that some struggle in adapting to the digital world to secure job opportunities during this time of pandemic. They'd rather want to go back to their normal lives and make money through walk-in jobs than adopt something which is beyond their means.

But then again we must still adhere to what must be done in response to the current needs of our situation. There is no wrong with adapting to change.
I look forward to your positive response about this input. Thank you!

[DrBeer]

Covid will definitely make adjustments to the economy and approaches to doing business. If we talk about doing business, there is clearly a trend towards the development of online services, delivery services for goods and food. There will clearly be a negative impact on offline retail. The demand for commercial real estate and office space rental will definitely fall, but the demand for sites for distribution centers for online services will grow ... In a word, we will have several years of a very strong transformation of the markets and services we are used to.

When they talk about the ongoing transformation of the economy, they overlook one factor: that this is all happening because of the pandemic, which will not continue indefinitely and will eventually end. All formed positions before the epidemic existed for a reason, respectively, everything will come back after the pandemic. Commercial real estate and office space will not go away, and when the owners reduce their financial appetites, the tenants will gradually return back. Also about the delivery service, if it is more convenient for someone to overpay, but to receive goods at home, then this is good. But there will still be customers who better come to the store or delivery point and get there saving money.

I partially agree, I will explain why partially. Unfortunately, the pandemic will be large-scale for another 1-2-3 years. Today's rushed vaccines are unlikely to stop the spread of the disease quickly and efficiently. and the changes that have occurred in the market in 2-3-4 years are not a temporary solution, but already a habit. Therefore, a significant part of the changes will remain in the market, including in the corporate environment. Already now, many, in my environment, say - to go to the store is lazy, if I order, they will bring the same thing, and the rise in price is so small that I am ready to pay for it. There will be also offices - many will understand that keeping 100-200-300 people on the site and generating additional costs for providing jobs is not the most reasonable option. Only those who are really needed "here and now" can be left in the office, and most can work remotely. And there will be many more such "discoveries", and many will change their approaches and "standards" of work, as a minimum due to the fact that they are more economically profitable, more in a situation with such profit losses

[risatrakib]

The outbreak of COVID-19 pandemic is an unprecedented shock to the World economy.Many emerging and developing economies were already experiencing weaker growth before this crisis; the shock of COVID-19 now makes the challenges these economies face even harder. Economy after Covid-19 may change up with changed lifestyle, purchasing behavior and way of doing business through new interfaces.

[Abiky]

The outbreak of COVID-19 pandemic is an unprecedented shock to the World economy.Many emerging and developing economies were already experiencing weaker growth before this crisis; the shock of COVID-19 now makes the challenges these economies face even harder. Economy after Covid-19 may change up with changed lifestyle, purchasing behavior and way of doing business through new interfaces.

That's certainly true, mate. The COVID-19 pandemic has impacted the mainstream economy so much, that it has forced it to change. Now everything is expected to become digitized as COVID-19 encourages social distancing. This means that our jobs will never be the same as they were prior to the pandemic. Remote work (telework) will become the norm, as well as, digital payments in a post-COVID economy. It'll become a new era never before experienced in human history. By eliminating the need for physical interaction, our world becomes much safer. CBDCs will play a huge part in the radical transformation of the world's economy in the future.

For the economy to begin recovering itself, the vast majority of the world's population needs to be vaccinated against COVID-19. Without health, the economy will only go down instead of all the other way around. Everything will depend on collaborative efforts between the government and everyday people for the economy to survive. Just my thoughts

[emmybd]

Our lives have changed a lot during this pandemic. We have adopted many new situations. But at this moment we are facing economical crisis more than any problems. Not just a few countries but the whole world is facing the same problem.
Global stock market crashed and it's not good news for traders and investors. Asian Development Bank derives that the global economy could lose between $5.8 trillion and $8.8 trillion equivalent to 6.4 per cent to 9.7 per cent of the global gross domestic product.
Now the question arises what will happen after Covid-19. Because of this pandemic many people lost their jobs. Economy shrank a lot. Poor and undeveloped countries facing a lot of problems. It's extremely bad news that recovery of the economy will be very tough after Covid-19. Recovery will be vulnerable for most of the countries. Next waves of Covid-19 will be more dangerous and it will crash the economy more than previous. Industries will take a long time to recover as their production is falling down at this moment.
So, economy after Covid-19 will be devastating and it will take a lot of time to recover.

[raidarksword]

As we unfold another year for us and still covid is here with us we still high hopes that will get all through these situations wherein everyone are being suffocated in our life today. Once we got vaccinated this year I think the economy will become healthy again, companies and businesses will open the door for all of us and we just have to be patient just a little more time.

[tyz]

There will clearly be a negative impact on offline retail. The demand for commercial real estate and office space rental will definitely fall.

I dont think so,I think that only the buying system has changed, not more to the physical store.  Offices and commercial real estate will continue to sell because even if the dominant business goes online, a physical store is also needed.  Even though times will change to completely online, there will still be people who prefer to shop offline and go to stores.  Those who sell only via offline will adapt and follow online trends, such as offline department stores which currently also provide online services.  Is the mall going to close because it is online, I'm sure, not.  Because there will still be people who want to spend some time shopping time and hangout.

Well, this view probably comes from someone from a country where there are hardly any small retailers. But there are countries and regions (e.g. in Europe) where there are a lot of small retailers. These are currently facing enormous problems and many will have to go out of business. These properties will no longer be able to be rented out unless they are converted into apartments. I fear that there will be a big death for small retailers around the globe in 2021.

[DrBeer]

Our lives have changed a lot during this pandemic. We have adopted many new situations. But at this moment we are facing economical crisis more than any problems. Not just a few countries but the whole world is facing the same problem.
Global stock market crashed and it's not good news for traders and investors. Asian Development Bank derives that the global economy could lose between $5.8 trillion and $8.8 trillion equivalent to 6.4 per cent to 9.7 per cent of the global gross domestic product.
Now the question arises what will happen after Covid-19. Because of this pandemic many people lost their jobs. Economy shrank a lot. Poor and undeveloped countries facing a lot of problems. It's extremely bad news that recovery of the economy will be very tough after Covid-19. Recovery will be vulnerable for most of the countries. Next waves of Covid-19 will be more dangerous and it will crash the economy more than previous. Industries will take a long time to recover as their production is falling down at this moment.
So, economy after Covid-19 will be devastating and it will take a lot of time to recover.

Poor and undeveloped countries facing a lot of problems - this is a strong delusion. Countries that are poor and undeveloped will not experience such a strong influence as developed and rich countries. Let me explain. Poor and undeveloped countries did not have and do not have high indicators of income, life, and economy. Therefore, pandemics, in fact, there is almost nothing to destroy, they, excuse me, live their whole life at the very bottom of society. You can rob a rich man who owns something, but you cannot rob a poor man who has nothing.
And excuse the cynicism - but the reduction of the part of the population for such countries will be a kind of "relief", because mostly old, chronically ill people who are the basis of the social load on the state budget and on the budget of families where these people live will die... Yes, it sounds very harsh, but this is the real "mathematics of life"

[bryant.coleman]

Poor and undeveloped countries facing a lot of problems - this is a strong delusion. Countries that are poor and undeveloped will not experience such a strong influence as developed and rich countries. Let me explain. Poor and undeveloped countries did not have and do not have high indicators of income, life, and economy. Therefore, pandemics, in fact, there is almost nothing to destroy, they, excuse me, live their whole life at the very bottom of society. You can rob a rich man who owns something, but you cannot rob a poor man who has nothing.
And excuse the cynicism - but the reduction of the part of the population for such countries will be a kind of "relief", because mostly old, chronically ill people who are the basis of the social load on the state budget and on the budget of families where these people live will die... Yes, it sounds very harsh, but this is the real "mathematics of life"

This is ridiculous logic. I normally spend most of my time between Singapore and India. The former can be described as a developed nation, while the latter is a part of the third world. Singapore is doing pretty well despite the pandemic. There was no large scale loss of jobs, and the economy is doing pretty well. On the other hand, the middle-class and lower-class in India is the worst affected. They are barely surviving now. The government is handling the situation pretty well, and if that was not the case it would have been much worse in India.

[DrBeer]

Poor and undeveloped countries facing a lot of problems - this is a strong delusion. Countries that are poor and undeveloped will not experience such a strong influence as developed and rich countries. Let me explain. Poor and undeveloped countries did not have and do not have high indicators of income, life, and economy. Therefore, pandemics, in fact, there is almost nothing to destroy, they, excuse me, live their whole life at the very bottom of society. You can rob a rich man who owns something, but you cannot rob a poor man who has nothing.
And excuse the cynicism - but the reduction of the part of the population for such countries will be a kind of "relief", because mostly old, chronically ill people who are the basis of the social load on the state budget and on the budget of families where these people live will die... Yes, it sounds very harsh, but this is the real "mathematics of life"

This is ridiculous logic. I normally spend most of my time between Singapore and India. The former can be described as a developed nation, while the latter is a part of the third world. Singapore is doing pretty well despite the pandemic. There was no large scale loss of jobs, and the economy is doing pretty well. On the other hand, the middle-class and lower-class in India is the worst affected. They are barely surviving now. The government is handling the situation pretty well, and if that was not the case it would have been much worse in India.

Ok, let's say. Explain - an unemployed Indian from the lower caste who collected waste, and lives on the income from renting it, for $ 1 a day, without financial obligations, what has he lost?
But the one who has, even a small business, has lost - lost clients, lost income, but has COSTS (rent, loans, tax liabilities, etc.)
Therefore, the picture is just not the same as you imagine - the poor really have nothing to lose ... Therefore, countries with a low standard of living and a high level of poverty objectively incur fewer losses ...

[Vishnu.Reang]

Ok, let's say. Explain - an unemployed Indian from the lower caste who collected waste, and lives on the income from renting it, for $ 1 a day, without financial obligations, what has he lost?
But the one who has, even a small business, has lost - lost clients, lost income, but has COSTS (rent, loans, tax liabilities, etc.)
Therefore, the picture is just not the same as you imagine - the poor really have nothing to lose ... Therefore, countries with a low standard of living and a high level of poverty objectively incur fewer losses ...

I am from India and you are talking absolute rubbish. I know a lot of people who are literally starving right now. These people were just surviving even before the pandemic, and now their situation is much worse. You never know their issues, until you step in to their shoes. I am relatively well off, and I consider myself lucky. I am getting my salary on time, and my expenses have actually seen a decline. That is not the case with the poor people. They are in a very hard position right now.

And I guess he mentioned "class" and not "caste".

[Congyang]

I am optimistic that the economy after Covid 19 will recover. in my country the economy is getting better now after the government announced the end of social restrictions. So the main aspect in restoring the economy of a country is the freedom of public access and the economy back to life. it is the main key in restoring the economy in a country. I am sure all countries will be able to fight this difficult time

[hahay]

I am optimistic that the economy after Covid 19 will recover. in my country the economy is getting better now after the government announced the end of social restrictions. So the main aspect in restoring the economy of a country is the freedom of public access and the economy back to life. it is the main key in restoring the economy in a country. I am sure all countries will be able to fight this difficult time

While some countries are doing lockdown again but your country is even ending social restrictions, it is extraordinary, because even in some countries the cases of Covid19 continue to increase because this pandemic has not ended. But yes, in the end the economic recovery will definitely be carried out because even during the pandemic the government continued to make efforts to keep the economy in some sectors running. Apart from that, there are a lot of efforts made by many people by utilizing any resource to make a profit, so this is also a big effort in the public sphere to overcome the economy.

[DrBeer]

Ok, let's say. Explain - an unemployed Indian from the lower caste who collected waste, and lives on the income from renting it, for $ 1 a day, without financial obligations, what has he lost?
But the one who has, even a small business, has lost - lost clients, lost income, but has COSTS (rent, loans, tax liabilities, etc.)
Therefore, the picture is just not the same as you imagine - the poor really have nothing to lose ... Therefore, countries with a low standard of living and a high level of poverty objectively incur fewer losses ...

I am from India and you are talking absolute rubbish. I know a lot of people who are literally starving right now. These people were just surviving even before the pandemic, and now their situation is much worse. You never know their issues, until you step in to their shoes. I am relatively well off, and I consider myself lucky. I am getting my salary on time, and my expenses have actually seen a decline. That is not the case with the poor people. They are in a very hard position right now.

And I guess he mentioned "class" and not "caste".

Most likely, I did not express my thought unambiguously, and I took India as an example incorrectly, India is not suitable for conveying the meaning that I wanted to convey. India is not a poor country. Although part of the population lives in poverty or below the poverty line. This situation is common in many countries. I meant really poor countries. For example Haiti, CAR, Congo, Liberia, Burundi, Malawi and the like.
Let me explain again - the poor countries that I am talking about and which I mean are countries where there is no significant or noticeable stratum of the middle class, or a class that has a regular, albeit not large income and is involved in production, private business, public service. , or the provision of services, a country where there is total poverty, where there is no noticeable consumer demand, and hence the movement of money. So it is for such countries that today's global problems have not affected the consumer market and the labor market. Just as the majority of the population did not have work - and it did not, as the turnover was minimal - it remained so, industrial production did not fall due to its absence. We have not lost our positions in the external market - because they never existed.

[Abiky]

Our lives have changed a lot during this pandemic. We have adopted many new situations. But at this moment we are facing economical crisis more than any problems. Not just a few countries but the whole world is facing the same problem.
Global stock market crashed and it's not good news for traders and investors. Asian Development Bank derives that the global economy could lose between $5.8 trillion and $8.8 trillion equivalent to 6.4 per cent to 9.7 per cent of the global gross domestic product.
Now the question arises what will happen after Covid-19. Because of this pandemic many people lost their jobs. Economy shrank a lot. Poor and undeveloped countries facing a lot of problems. It's extremely bad news that recovery of the economy will be very tough after Covid-19. Recovery will be vulnerable for most of the countries. Next waves of Covid-19 will be more dangerous and it will crash the economy more than previous. Industries will take a long time to recover as their production is falling down at this moment.
So, economy after Covid-19 will be devastating and it will take a lot of time to recover.

That's certainly true, mate. COVID-19 is still taking the lives of many people worldwide. The pandemic is not over yet, as new infections emerge at a fast pace. As long as this is the case, the economy will continue to sink deeper. It'll take decades before the mainstream economy recovers to the point it was before COVID-19. At least, several vaccines have begun distribution worldwide. After we reach herd immunity, most people will be able to return to their jobs. Only then, the economy will be able to recover itself at a slow and steady pace.

Nonetheless, COVID-19 has changed our lives and the economy in ways that were never imagined. There will be a new normal where the economy lives entirely in the digital realm. People will still practice social distancing as a precautionary measure to protect themselves from further diseases. Everything will be done remotely without any physical interaction whatsoever. That means, physical bank branches will cease to exist, as well as, physical stores/retailers, and paper money. A post-COVID economy will bring a new era of digitalization as we speak. Just my opinion

[whyrqa]

I am already one hundred percent sure that our life will never be the same again. Much has changed, including the mentality of people. Half a year ago, no one could be forced to wear medical masks, but today they are already becoming fashionable.
Undoubtedly, if a truly workable vaccine is presented, then each government will try to acquire the right amount of injections to provide for all its citizens. But according to experts, almost the entire pharmaceutical industry will need to work very hard and will be able to provide every person with a vaccine in only 5 years. At least those vaccine samples that are available today have a very low level of trust in the society.