Business recovery will certainly differ across sectors. Especially the hospitality sector which may experience a gradual recovery due to gradual changes in consumer behavior. Some businesses that go bankrupt due to the pandemic will never reopen but there will be new businesses replacing them, although it may take an entire year.
Our economic decline stems mostly from the loss of productive capacity. Weak investment in various sectors, as well as some people who are choosing to retire early because of the pandemic, are making the workforce smaller than it should be.
The good news is, by 2022 in terms of aggregate activity it will fully recover its potential. The economy will also different when the aggregate amount is added. With the increasing number of e-commerce users, and the remote working revolution, this will change the way we work, and our lifestyle. Vaccines will not save our economy instantly and quickly.
Business leaders must develop contingency plans and governments must move faster to contain the pandemic to drive a stronger economy. Instead of implementing things that are very expensive, such as national lockdowns and months-long school closures, the responsibility should be placed on the individual. Such as the obligation to wear masks, Vaccine passports, and restrictions in crowded spaces could become mandatory.Â
For those who refuse to be vaccinated, health education and encouragement can be provided even with limited protection. The Covid-19 situation has not been completely stopped, but the current situation is much better than it might be. In this case, we should give credit to medical science.
written by : Salsabiila Baharizky Naedi
Sources :
Conerly, B. (2020, December). Retrieved from Forbes.com
Goodman, P. S. (2020, December). One Vaccine Side Effect: Global Economic Inequality. Retrieved from The New York Times
Rooney, K. (2021, January). These 8 charts show how the global economy is coping with COVID-19. Retrieved from World Economic Forum
The Economist. (2021, January 23). Vaccinations; A marathon ahead. morning after in America, p. 9.
