When life is at stake, should you be bothered about the economy? Really, should you? The corona virus is a serious health challenge affecting the entire world, and no one has the answers to how long this is going to last, whether we have seen the worst or whether the worst is yet to come. We just don’t know. We are just living in the uncertainties and this makes it seem even more as though we should forget about everything else until we are done with this warfare against the invisible invaders.
The human race has experienced worse incidences in the past; from Great influenza in 1918-1920 which claimed over 39million lives (equivalent to 2 percent of the population at the time) to the Spanish flu which claimed over 50 million lives. There was life after these pandemics. So even as we go through a very difficult time, we must not lose sight of the fact that there will be life after covid19 and it’s not out of place to start thinking ahead. Here are 7 of the biggest challenges we will have to face after defeating covid19. While you are here consider subscribing to get notified of more educative posts like this. We will be sharing more insight into opportunities to explore and how to live through this time efficiently.
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One of the biggest challenges after covid19 will be getting the economy back to work. According to an article on the World Economic Forum, the economic recession caused by covid19 could be far worst than the 2008 global financial crisis, with its effect lasting for years to come. Never in modern history had over one-third of the world population been on lockdown from economic activity. An economy is like driving a car uphill. You have to keep your foot on the pedal to keep moving. Take you to foot off the pedal, and the vehicle will eventually stop, and then start moving backwards. Its simple physics!
No matter what happens on the health front with COVID-19, our economies have been seriously damaged in more ways than most people realize. This effect will be seen in the next few months, or even years. Yes, we have to keep the faith, but this is economics. And we need knowledge and wisdom to live through the times ahead of us. Millions of people have already lost their jobs, businesses of all sizes are closing down, some of which will not re-open. International trade has come to a standstill. Those who return to work will have psychological, social and mental health issues to deal with. Rich and powerful countries are already pumping $Trillions to cushion the economic effect. How about countries that don’t have that kind of money?
In late February 2020, The Lancet published a review of 24 studies documenting the psychological impact of quarantine. The findings offer a glimpse of a developing challenge in hundreds of millions of households around the world. People who are quarantined are very likely to develop a wide range of symptoms of psychological stress and disorder, including low mood, insomnia, stress, anxiety, anger, irritability, emotional exhaustion, depression and post-traumatic stress symptoms.
In setting up tents to treat the COVID-19 pandemic, we’re not setting up the second tent for psychological help after the end of this unprecedented lockdown; a time when we will need all the productive people to help the world economy recover. Another study reporting on the long-term effects of SARS quarantine among healthcare workers found a long-term risk for substance abuse, self-medication and long-lasting “avoidance” behaviour up to three years after. Imagine a world with a sizable percentage of its working population dealing with mental health issues.
Africa imported food worth around $50bn last year. It was everything — rice, maize, beef, chicken, fish and much more. With our exports like oil and tourism smashed as a result of this pandemic, we are quickly running out of money to import food. With countries producing less food for lack of international buyers, there will be a food shortage, the price of food will shoot up for countries that don’t produce enough to feed themselves. When we are through with this pandemic, we’ll have to embrace the resources of arable land at our disposal and start cultivation our own food locally or face severe food shortage. This is a huge opportunity for entrepreneurs to invest in agriculture. We have to grow and sell our own food.
Over 25 million people have already lost their jobs with the lockdown. And the longer this continues the more jobs will be lost. Industries like leisure and hospitality, tourism and transportation are hardest hit. Many small businesses do not have the financial capacity to keep workers without cash flow, some of which will eventually close down if the lockdown persists. Jobs may be lost in nine figures if this goes on for another four month. When this is done, the task of creating jobs will be an urgent one.
The attention of the entire world is drawn to fighting the rapidly spreading corona virus. But remember we still have Ebola, Lasa Fever, Cancer, malaria, diabetes and other diseases that have been around for a longer time. While we are all focused on COVID-19, these other diseases could resurge with a vengeance and end up killing even more people. There are still people with these other ailments who are not getting the needed treatment because we are now all focused on this global pandemic caused by one virus. Our health care system may have to deal with an overflow of cases rising from these other diseases if neglected for too long.
No one can accurately predict the future, nor can you adequately prepare for it. The corona virus pandemic has proven this more than anything else; you cannot be fully prepared. But one thing is certain; people who have value to offer are never out of demand. Here is some good news.
Most of the world’s most successful people today rose after a major crisis. Because with problems and challenges come opportunities for those who are prepared. We urgently need to study these problems carefully and engage together to find solutions. Keep sharpening your knowledge of the world around you and developing needed skills. We will get through this and come out stronger.
The future depends more than ever on us not panicking or wasting time but urgently seeking solutions.
This post was last modified on September 17, 2020 2:47 pm