Читать книгу The New Advanced Society - Группа авторов - Страница 19

Problems: COVID-19, a colossal and unpredictable pandemic, has already had and will continue to have an economic impact. Throughout the globe, the wheel of whole economic processes has been stopped and has now become vulnerable to society. Humans are unable to handle this issue and the situation is getting worse and worse every day. The pandemic’s overall effects on economic activity and GDP depend on the severity and length of the pandemic. The influence of COVID-19 dominates throughout the world, experiencing and witnessing the parallel spread of stock market volatility, economic development stagnation, and growth, so it would certainly have a profound impact on the way people live [5]. Scientists, researchers, teachers, medical fraternity have been working round the clock for serving the society, work at home is gaining momentum, and lockdown perplexed the people to a great extent. This meticulous and unusual pandemic occurrence affects individuals physically and mentally. Many individuals have encountered a mild to moderate spectrum of stress, anxiety and depression reactions. It is important to evaluate these types of economic reactions and to take the necessary corrective steps to pave the economy during post-pandemic period. The entire world is typically at the verge of recessions such as real recession, policy recession, and financial crisis [6]. The latest pandemic has struck the world’s economy so hard. Few sectors will develop by leaps and bounds, although there will be no more conventional industries. It would be like placing old wine in a new bottle to establish the essence and pattern of new business. There will be a steady turnover in products and services, but there will certainly be a shift in their distribution model, Industry 4.0, telemedicine, robotics, deep learning, machine learning, and artificial tools. To do so, a coordinated collection of fiscal, monetary, and structural steps must be considered by nations and ways of returning from lockdown must be explored.

Overcome

 Under COVID-19, depending on a variety of factors, such as the degree to which demand will be delayed, there is a need for a recovery path back to growth, measure of industry 4.0 application and structural damage intensity.

 It is very much relevant to plan the three broad situations such as V-shaped which describes the classical real economy shock, a displacement of output, but growth rebounds eventually. Annual growth rates in this scenario could completely absorb the shock. We think it is plausible and seems to be optimistic amid today’s gloom.

 The ugly sibling of V-shaped is U-shaped, the shock continues, while the initial growth direction is resumed, there is some continuous loss of output. But in order to make this the simple scenario, we had to see more evidence of the real harm of the virus.

 The other condition is L-shaped, which is a really ugly and weak V and U relationship. In order to materialize, we will have to believe in COVID-19's ability to do significant structural harm. i.e., to break anything on the supply side of the economy—the labor market, the break-down of the creation of capital, or the role of productivity. That’s hard to imagine, even with assumptions that are negative [7].