The global impact of the coronavirus pandemic in the world we know generates a bunch of radical questions. Is this going to change the functioning of the world invariably? Will there be a shift in political and economic balance? If yes, then to what extent? Is this the end of the world that we know? Could this catastrophe bring a beginning to a new chapter or a book? These turn around moments are pretty uncommon and historic, yet if the assertions were not wrong then there will be no rebound to the pre-COVID-19 age. This provokes a lot of perplexing questions about the degree of impact and whether it will be for better or worse. The only precise answer that can be given is 'Time will tell'. The outcome is not predetermined. The undertakings of everyone from people to bureaucrats, from the unsettling challenges to the increment in the number of cases, will help determine what happens next.
The impact of a novel coronavirus in the world we know can be described in three words “Shaken not stirred”. I’m quoting James Bond here because it’s a complex situation but not a ‘Skyfall’.
Life has already turned upside down for the countries, individuals, and companies. It could be an opportunity to reconstruct both global and personal outlooks, nevertheless the feeling of ineffectiveness in the current scenario there are options to be chosen about what kind of future awaits. After COVID-19, everything could be up for grabs (I’m a person who sees half full).
Impact of Covid-19 on the Economy
The coronavirus has had a significant impact on the global economy, from stocks to jobs and emerging marketing everything is deeply impacted. The last quarter of 2020 saw the most brutal global equity collapse since the Great Depression. April may also not bring much alleviation with numbers of spreading still be increasing and expected to cross 1 million soon, so expect more turbulence to the financial market. Investors are more concerned about survival rather than growth and government actions may not be helpful enough to stop the decline. There’s a direct impact on demand and supply of goods and services, businesses are also facing reduced cash flows due to slowing economic activity, which in turn is having an impact on all payments including to those for employees, interest, loan repayments, and taxes. The pandemic has significantly impacted the cash flow at organizations with almost 80 percent of entities reporting a decrease in cash flow, the survey conducted by CNN showed. There have been widespread reports of supply shortages of pharmaceuticals, with many areas seeing panic buying and consequent shortages of food and other essential grocery items in different countries.
Impact of the Coronavirus on Lifestyle
COVID-19 has changed it all, the way we work, play and learn. Schools have been closed, offices are shut, sports leagues are being canceled and postponed. Social distancing has become the new smart. Put simply, the idea is to maintain a distance between you and other people. The problem with social distancing is, yes you may have defeated the virus but now the battle is with your mind, social distancing is creating an isolation paradox, it’s like social distancing is necessary to prevent contagion but loneliness can make us green (sick).
This may cause some comfort to ears that thousands of people are going through this same thing and collectively coping strategies are being built. Videos, memes, stories, essays, and poems about living in isolation are becoming part of the culture now. People could come out of this feeling together, resulting in more connected to each other than before.
Millennials had opted to return to their parent's homes instead of staying in their own apartments. The Coronavirus has made isolated work a shocking and quick reality, there are people who embrace this paradigm shift but not everyone has been longing to clinch the possibilities modern technology offers, in short, most of the people are reluctant to accept the lifestyle of working from home. Are we in the midst of the WFH revolution? Will we just pack our lunch and head back to the office soon? Or there’s still time- and we keep wearing shorts instead of pants every time an e-meeting arrives. A possible answer is still- 'Time will tell'
Impact of the pandemic on Technology
The pandemic is leading millions of people to rely more and more on technology shifting societies to the apex of new normal. Particularly mobiles, cloud-based productivity, and messaging tools are influencing the current lifestyle so that coworkers, acquaintances or colleagues can be on the same page while working remotely. Meanwhile, in many countries the government is deploying internet-of-things (IoT) technical devices to keep a check on employees working in the banks and government confined places, companies may find themselves in the same position to make sure that their employees are not just logged into the system but are also working. Not just the corporate workflow is changing but schools are doing the same, holding classes online amidst cover-19 encouraging their students to stay at home. Children are in the position of sitting and looking at their PC’s from 9 to 5 comfortably in their pajamas, watching live lectures one after another.
What about the changes and revolution in the technology world after COVID-19?
Could this be the start of the era of the self-driving automobile? With cities being locked down and people are quarantined it creates a situation of havoc. Self-driving cars at this time can be like outdoing an adversary. The autonomous vehicle may play a crucial role in delivering supplies or people from one place to another where the viruses had hit the hardest, Machines don’t get sick and help deliver the supplies effectively. Even if the autonomous revolution is not on the streets soon but their benefits in the current scenarios do add value to their eventual forthcoming.
Impact of COVID-19 on the environment
“Humans' needs are never over and our planet has the limited capacity to satisfy them.” Efforts to contain the virus by restricting the movement have had a remarkable environmental impact. Data recorded between January and March 2020 reflects an 84.5 percent increase in days with good air quality in 337 cities, and satellite data from the United States National Aeronautics and Space Administration shows a decline in nitrogen dioxide over China.
This pandemic has led to a trade-off paradigm shift, which is causing both the positive and negative impacts of human intervention on nature. Now, this leads to questions like how could a reduction in nitrogen dioxide emissions be equivalent or even comparable to thousands of people suffering from a deadly disease? The answer here is we don’t know, one can’t say or compare. This level of improvement in the AQI may actually prevent 50k-75k premature deaths (like I told you I’m a person who sees half full).
Today more than ever, the future of work is the future of worker wellbeing. With the growth of the digital economy, the stresses in managing work-life integration, and now dealing with the coronavirus, assisting workers with their wellbeing has never been more important.
This impact will further help to regain the power of science. Unlike the tobacco usage the science cynic will see the impacts of coronavirus immediately and we can expect public respect in expertise of public health and epidemics to be redeemed.
It’s clear that in trauma like this, the rules don’t apply —which makes you wonder why rules are there in the first place. This is an unprecedented opportunity to not just hit the pause button and temporarily ease the pain away, but trying to permanently change the rules so that untold millions of people aren’t so vulnerable, to begin with.
The COVID-19 is the century's most unsettling challenge to the planet and to humanity. It will bring a new age of harmony, people of countries will rise above and their heads high to face the bigger challenges ahead such as climate change and redefining historical biases into one economic incorporation.
Anyway, like I said the impact is 'Shaken but not Stirred'!