Early in 2020 the World changed forever in a way no one could have foreseen! The pause button was hit from March 2020 and continues at the time of writing this blog. The entire globe completely shutdown in a coordinated effort to combat the spread of the novel Corona virus, forcing a time out on all economic, social and political activities that require citizens to leave their homes.
This meant that all interactions including business, commerce, education had to quickly transition to virtual delivery, with activities like construction, sports and travel being forced into a sudden 90-day hiatus. All countries closed all ports of entry for movement of people with only essential goods and services being exempt from the strict lockdown regulations.
This has resulted in wide scale unemployment while many employers struggle to come to grips with economic conditions that have significantly slowed consumer demand and consequently top line revenue, while in the meantime fixed costs like salaries and rental costs for office premises remain among other major operating costs.
How global citizens lives will be impacted by the present and future challenges brought on by this global pandemic is varied among different economic sectors and population segments and will have significant and lasting economic consequences particularly for poorer communities.
Economists are predicting a long and protracted flatter shaped recovery than initially anticipated, with markets initially predicting a v- shaped recovery. This is why there seemingly is a disconnect between current high stock market levels and what is happening in the world with the true impact of the pandemic yet to unfold. Market participants are even predicting in the extreme case that the scale of this current crisis may be even greater than the Great Depression of the 1930s.
Grounded airlines owned by the world’s largest fleet owner during 2020 ‘Lockdown’- Emirates! Parking the vast fleet of planes by major airlines during 2020 ‘Lockdown’ took some skill!
What can citizens do to survive in case of loss of main income sources, or if they want to create multiple sources of income? Are you ready for the new digital world? We shall explore this phenomenon on an ongoing basis as it set to be with us for the foreseeable future!