The world has experienced and continue to experience the wrath of coronavirus pandemic since December 2019. Coronavirus disease 2019 (Covid-19) is a transferable disease caused by severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2). Its severity and gravity is nothing less than the mayhem created by detonation of nuclear weapons over twin Japanese cities by USA in 1945. The world will never forget the magnitude and scale of this menace, which can be rated at par with the greatest catastrophes known to human history. Life after Covid-19 pandemic will never be same again. It presents enormous problems and monumental opportunities.
Although it would be premature to say that this pandemic has culminated, it would also be a lie if it is considered as far from over. In view of developments of various vaccines and treatments of Covid-19, its beginning of end is in sight. No doubt, this horrible pandemic has caused irreplaceable human sufferings and incalculable economic losses. It would be a myopic view if one focused only of the cost and forgot its benefits in the shape of new challenges and opportunities. It would be naïve to expect that the world today will return to the world that was before Covid-19. Human lifestyle can be categorized into two dimensions: before Covid-19 and after Covid-19. In this paper, I make an attempt to discuss the challenges and opportunities, offered by the pandemic, in three broad areas i.e. global economy, healthcare and education.
The Covid-19 pandemic had exposed the vulnerabilities of global economy painfully as acute supply chains weaken, unemployment rises and markets fluctuates. The 18th and 19th century industrial revolution proved fatal not only for ecological systems in view of worsening of biodiversity, soil degradation, deforestation, abundant use of insecticides, toxic waste in water and burning of fossil fuel. It also widened the gulf between haves and have nots. According to Nobel Laureate Muhammad Yunus, the primary purpose of business is to earn profit out of self-interest. However, now common interest, instead of self-interest, should take precedence. Gone are the days when profit maximization was considered the sole aim of every business. This is an outdated and shallow concept anymore. Today’s Economic man is defined to be driven by both self-interest and common interest.
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Covid-19 pandemic also saw the unprecedented rise of digital economy. Life after Covid-19 pandemic will be more digital in nature. It presents a remarkable opportunity to capitalize on the worldwide networks of global economic activities, transactions and specialized connections that are empowered by information and communication technologies (ICT). Other factors may also speed up like regionalization of supply chain management and international data flows. Work culture around the world, in the post pandemic scenario, has also been redefined. It offers new challenges (read opportunities) like income disparity, worker exploitation and work from home culture mostly for white color jobs. The new trends can partly be credited to the rise of digital economy. However, the role of health concerns, security and economic factors like labor availability also cannot be overlooked.
Another global trend about life after Covid-19 pandemic, although prevalent well before the world experienced Covid-19 pandemic, has gained momentum is deglobalization. Deglobalization refers to the practice of logistical, Covid-19 pandemic has unleashed the hidden selfishness of major economies, which are now focusing on nationalism, regionalism and “my country first”.
Ever noticed, how incredible it is that it took a deadly virus pandemic to let the world realize the importance of public healthcare. Since Covid-19 pandemic has engulfed the universe completely, universal healthcare has emerged as the eventual and final global public good. Before the coronavirus crisis, healthcare was considered a private good. However this pandemic has changed this mindset and forced the world to treat healthcare as a global free public good. It has placed this undeniable fact in broad daylight that conquering Covid-19 and recovering from it depends on how much priority we attach to the global free healthcare for all, everywhere, swift and always.
It is impossible to deny that Covid-19 pandemic caused not only an economic crises but also a healthcare crisis. Even in severe recessions, healthcare sector remained immune in the past. The global demand of medical care has remained unchanged since people faces sickness and require medical treatment. But Covid-19 proved this truth incorrect. Since peoples are asked to follow SMS i.e. Social Distancing, Masking and using Sanitizers, most of the peoples are preferring to stay home and avoid outside contacts. It also includes those people with an urgent medical care in any other discipline. As long as the world is busy in finding the vaccine or cure to combat Covid-19, the way forward we follow with physical products and service will transform.
COVID-19 pandemic has undoubtedly tarnished the global education system and converted it into a gigantic educational crisis. As reported by World Bank, this pandemic has caused more than 1.6 Billion children and youth to be out of school in over 160 countries. This is approximately 80% of the global enrolled student.
The world is experiencing a global learning crises as the students who have managed to join the schools are not learning any skills needed for life. The ultimate objective of all educational systems is the same. It is to triumph over the learning crises and give a daunting response to this challenge called COVID-19 pandemic.
Contributed by Nadeem Akhtar, an investment banker, and blogger.
