This pandemic has put the deficiency of many infrastructural systems in the spotlight, as its effect every facet of human life. In a bid to contain the spread of the disease, many countries have closed the borders within and without their territories.
Schools have closed down and many in the workforce have been directed to work from home, while others have been laid off. The pressure on the production industry is also heavy: demand continues to drop as incomes are threatened likewise supply has been cut down for safety’s sake.
What to Expect After COVID-19
A Slow Start For The Economy
Due to the gravity of the impact of this virus on the world’s economy; economic projections for the world after COVID-19 state that an economic depression should be expected. However, it is expected to be a brief one. Unfortunately, the COVID-19 pandemic has a more extensive effect on everyday human life than any other pandemic seen.
Oil prices have fallen as a result of the fall in its demand. Stock Markets are on the downward trend. Also, SMEs are hanging by a thread, and businesses are generally handicapped because their ‘normal’ has been taken away from them.
However, there is light at the end of the tunnel, the world has survived six recessions. With proper re-evaluation and strategy, we would surely survive this and come out stronger after COVID-19 is over.
Loss of Jobs and Creation of New Ones
While most of us now have to stay home and work from home, there is spike in unemployment around the world due to the mandatory lockdown orders. Hence this means that the job market will be saturated post-pandemic.
The hardest-hit sectors during the pandemic are the wholesale-retail and hospitality sectors. With travel bans standing tall, hotel and flight cancellations continue to skyrocket as imports and exports are stalled. Travel Agencies are closing down at an alarming rate and jobs in the commercial aviation sector have lost their security.
Again, there is good news, because there would be new ways of doing work. More companies will adopt the work from home system and other companies will use technology to drive their business. You can position yourself to take advantage of the opportunity by reading 10 Online courses that can saddle your life.
Emergence of New Industries
Through this pandemic, many governments have been proactive in providing for their citizens; giving free access to public amenities. While this helps during the pandemic, it is good to start preparations towards the aftermath of the pandemic for the softest fall. African countries may be the hardest hit based on the current economic situations across the continent.
Countries like Nigeria, who are heavily dependent on revenue from oil sales must now concentrate on improving non-oil revenue points like Agriculture, Manufacturing, Local content, Technology, etc.
We can expect to see increased government support for more promising industries like technology, entertainment and the service industry. The goal is to sustain the economy and aid development, without relying solely on one Industry, like Oil. If this happens, it’’ a step in the right direction and will create more opportunities for developing countries and create new entrepreneurs.
Social Distancing to Continue for a while longer
As a result of the measure taken to control the spread of COVID-19, we have adopted social distancing, to limit how we interact with other people. Our usual hand-shakes, hugs, social gathering will reduce for a while because people would still have the idea of virus sharing through contact at the back of their minds post COVID-19.
We would take our health more seriously and create a self-care routine for maximum health.
We miss partying, hanging out in public places, going to public events, but COVID-19 will definitely make us more aware of these things long after it’s gone.
That is all from life saddle, for now, please comment on more things you expect to happen after COVID-19. Please stay safe and healthy during this period, we will come out strong and get back to our normal lives in one piece.
Author: Eseosa Belo-Osagie
Eseosa Belo-Osagie is a Content Creator/Curator with a soft spot for all the processes in bringing Content to life.