The world is dealing with a pandemic outbreak, the coronavirus. Owing to the virus every country in this world is following the lockdown. The life cycle of humans is disturbed and the future goals and outcomes are not certain. Experts are saying that the world is going through a transition and it is bound to face recession which will be severe than 2008.
Though there are hopes, if the countries unite themselves and fight against the pandemic as a team, the losses can be minimised. We all have to be optimistic, work out our actions and plans. It will help us to surpass the effects of the pandemic virus and head towards the brighter future. Let us try to list some possible outcomes which might be the reality of the future.
Predicting the state of the economy in the coming future is very difficult as of now. If we go back to the year 2003 when the world came to know about SARS pandemic. This was originated from China too, it had spread across the globe but the death toll was not very high. The economy of the world was under the disturbance at that time also. China was contributing to 3-4% of the world GDP, but now China is contributing around 17% of the world GDP. So there will be some adverse effects of the virus on the economy, as most of the industries are being shut due to the spread of the virus.
I can see the technology is going to play a vital role in stabilizing the losses. Due to the pandemic, the most affected sector is the supply chain of industries. There is a halt in production due to lack of availability of materials, break-in transportation, logistics lockdown and insufficient procurement. Most of the industries were not ready with a backup plan for the failures of the supply chain. So to tackle this there will be more reliance on digital methods and technologies like IoT, Blockchain etc will come into the scenario.
The salaried persons are going to face the adverse effects of the virus. Europe has already predicted that there will be a salary cut and job insecurity for some time in the region. America has predicted at least one lakh job losses due to the pandemic outbreak. Employability is at stake at the moment. Although, as new technology comes into the market, people will find an opportunity in the new roles. To get fit in those roles, we have to enhance our skillsets, we should learn the ideas of new technology and try to adapt to the demands of the situation.
The future and its outcomes are very vague at the moment. Moreover, the only thing we as an individual can do is to work on ourselves and develop the qualities we have and be ready for the opportunity. As the world will move on from this pandemic the way it moved on from the others in the past.