What are your thoughts on countries with rolling lockdowns and it’s effects on the global economy?
COVID-19 pandemic has been an unprecedented event. No one really knows how it's going to play out in the future, but one thing is sure that global economy is going to slow down. People have become cautious while spending on non-essential items and their income has also come down. It will result in the slowdown in global economy. Farmers and vulnerable section of the society will be affected badly due to lack of social security.
Nature of jobs will also change permanently and fourth industrial revolution will increase its pace. Technology will become more reliable to replace workers.
Unless all countries come together at global level and find a solution, it's going to be difficult to avoid possible recession due to this pandemic.
Which do you think is more important? Prioritizing health while the economy collapses? Or prioritizing the collapsing economy and risking health? 🤔
Health and economy both are necessary for human being. One cannot simply ignore one for another. Prioritizing health in short term was an emergency response as our health infrastructure was not ready to take on sudden influx of COVID-19 cases resulting in large no of deaths. But in the long term economic slowdown will start to hurt families without any savings.
In the last decade with the effort of World Bank and local governments, we have brought millions of people out of poverty line. But economic slowdown may result in bringing them back to poverty line.
Hence we need to find a solution to manage the corona virus cases while opening some sectors of the economy. But government has to make sure that it does not result into overwhelming of health infrastructure as re-lockdown will erode the trust of people in the policy decisions and further harm the economy.