Updated: Jan 19
In light of the recent Coronavirus pandemic, the world has learned, that it was living in a fragile environment. A new disease was able to spread across the globe and bring some of the largest economies of the world into devastating recession, pushing every citizen to question policies set by so-called top-tier governments of the world, specifically in question was the underfunded health sector. The pandemic has taught us, "we are not prepared". As of December 2020, Corona Virus has infected 89.8 Million people of which 1.94 Million resulted in deaths. this proves "we are not prepared. Many governments of the world have adopted countless new policies to help with the rapidly spreading disease. It is factual that new policies will not result in this disease going away but instead, these preventive measures will help us adapt, stay protected and overcome this illness. However, further changes are yet to be implemented to ensure the survival of humanity in future.
The current economic recession has brought forward monumental flaws in our economic systems. It has become undeniably noticeable that much less attention was given towards the very salient and increasingly underfunded health sector, which was easily overwhelmed with less than half the population needing urgent health care. These massive economies and world superpowers have focused too many resources and financial capital towards proving to be strong and resilient in front of their competitors by investing too much in defence, when in reality something as tremendously important as the health sector was easily overwhelmed. In 2019 the United Kingdom alone boosted the defence budget by $21.9 Billion. Instantaneous actions that were taken during the first few months of the pandemic by governments and regulating authorities resulted in a chain of effects leading to disastrous outcomes. The World Health Organisation, amongst others proved to be unprepared and underfunded to tackle the crises at hand. The world simply underestimated the potential of this catastrophic disease.
It can be said that a novel approach must be taken by the larger economy regarding better assessing priorities to lead towards a brighter, healthier and a more economically stable future. Investments must be made in science and medicine, not warfare. If Billions set aside by the 45th President of The United States of America, Donald J. Trump, were for health care instead of the military, then the United States could have been the most resilient economy to have dealt with the current pandemic.
Additionally, the spread of covid-19 has made it intensely difficult for governments and businesses to operate traditionally. Consumers are now preferring online services and regulating entities must keep up with this need. The means to order a product online and receive it on your doorstep within moments is becoming increasingly favourable among all age brackets. Amazon, leading the market by being the largest online retailer, has increasingly benefited from this economical switch the pandemic has brought. Similarly, companies such as Netflix, Instagram, Facebook and other online businesses have seen rapid growth in their consumer base. the success of these established companies have also lead to the rise of many new startups. These Startups have brought revolutionary ideas with fresh blood and intense determination in an already competitive industry.
Traditional Economies and old ways of business were vastly successful. These now outdated strategies have led to the rise of fortune 500 companies. However, times have been changing, these companies must now adapt to modern ways of reaching consumers and expanding business. Furthermore, governments and regulating entities must use this opportunity to induce modernist policies applicable to current times. Though Coronavirus has caused great pain to millions around the world, it can be said, that the presence of this disease has been a catalyst in an already snowballing economy. It has become evident, we need to adapt to grow, as individuals, as businesses, as governments, and as a global community.