The adage ‘Health is wealth’ has
earned a new meaning in this past year or so. Being fit was a maxim in most of
the developed countries around the globe and yet this fitness was hardly a
match for the unknown and invisible enemy. Immunity has taken Centre stage as
we watch on tenterhooks the healthcare infrastructure and its vanguard being
tested to its most.
When will it end? is the question
for which we do not have concrete answers to; but what we humans do possess is
‘resilience’, ‘hope’ and the ‘will to fight for survival’.
Light is at the end of the tunnel
and it’s very likely that the globe and its inhabitants will function normally
in 2 years’ time both on business and personal fronts, though the term ‘normal’
might have a new meaning.
The looking glass has a story to
tell; there are certain repercussions of the aftermath of the pandemic which we
might have to face in the not-so-distant future.
The largest financial strain due the pandemic has been on the governments of nations around the world. The costs of healthcare, vaccine and administration has left a humungous burden of hundreds of billions of dollars for many countries and the global spend would easily be in trillions. Who will foot the bill?
The governments spend from tax and the other income it generates. There are two broad ways in which the state can compensate the deficit; (a) impose additional taxes, (b) print more money, or a combination of both. Considering the poor state of global business, the additional tax route may be less likely – at least in the near future. The other alternative is quantitative easing – which means more quantity of currency could be made available by the state. The simple logic of more money chasing fewer goods will follow and it is very likely that we see an inflationary trend across the globe.
The first industrial revolution brought about a change in lifestyle of how most of us live – we moved from community living to extended families and then to a nuclear family. Then came in single parent families; now it seems we are going beyond that. Covid has triggered the concept of isolation. If you want to be safe than avoid human contact – that is the message embedded in most minds now. This isolated society of individuals would have its own set of problems – one such problem is mental health. When facing a crisis or a problem; folks used to turn to their family members and close friends and relatives for good advice and consolation – as these might become farfetched in years to come in the contactless society. the only other alternative for such people (who could be a large number) would be to reach out to counsellors and shrinks. Many might turn to spiritual guides to find solace.
Healthcare facilities in most countries were hardly able to cope with the influx of patients. Lack of adequate healthcare infrastructure resulted in the dearth of attention to the patients which in turn pushed fatalities.
It is very likely that countries and corporates will invest more in healthcare infrastructure to boost the capacity. Demand of products and personnel related to healthcare is likely to increase thus; cost of health insurance is also likely to increase.
These are the sectors worse hit by the pandemic. Though it will take some time for people to be comfortable for travel and holiday, the upward trend is a natural outcome. Countries which have a low infection rate and an efficient vaccine drive will be the firsts to benefit from this trend. Businesses are getting used to online meetings so a better growth in leisure travel compared to business travel can be expected.
Work is work whether done in a physical office or at home hundreds of miles away. This is the lesson we have learned from the pandemic. Corporates are likely to take the advantage of hiring a low-cost global resource rather than a physically placed employee in the country. Countries which have skilled human resources with lower cost of living are the ones who will benefit. Employee contracts and labour laws around the world would need to align for such scenarios to facilitate hiring and firing processes.
Online dependency has increased phenomenally and this rise has brought about considerable threat of computer viruses, hacks, data leakage, etc. has thus catapulted Companies offering security in these areas are likely to do well.
With less and less of real regular physical social contact in groups; individuals could likely be less tolerant of other contradictory ideas, cultures, choices, faiths, etc. Self-interest will reign supreme and the concept of forgoing for sake of others will erode; with this erosion the care and affection for fellow humans would diminish further.