The Covid-19 problem is one pandemic that has changed our lives forever. In the short to middle-term, things will be changing. Big time! In fact, what we do now will very much be the new normal for the coming decades, if it hasn’t already done so.
Unprecedented and life-changing
Economic recessions and outbreaks like what we are experiencing with Covid-19 are those that change history. In all such cases, they alter what we thought was normal. And changed what we thought was abnormal to become normal.
This is not new, is it?
The Black Death changed how people employed workers. The SARS pandemic in the early 2000s changed how people did business. Ali Baba came around after that and changed how goods were sold. In 2008, the year of one of the worst global financial crises ever saw new changes in terms of service. It gave rise to businesses such as Uber and Airbnb. And now the Covid-19 Pandemic.
Forced to change
There have been signs and they were quite obvious too. Humans being humans were resistant to change. This global crisis is now affecting everyone. Within months, the Covid-19 pandemic has forced companies to close and employees laid off. About 3 million people become unemployed almost instantly.
The Financial Markets
For the longest time, property prices have been inflated because of speculative buying. This market has taken a huge beating because of Covid-19. Prices will now stall, at least for the next few years until the global economy recovers. No doubt, share markets have fallen. Currency too has taken a beating. Perhaps this is a good time for investment into cryptocurrency.
Health and Psychological Impacts
The change in personal hygiene has become all the more apparent in times of the Covid-19 pandemic. People become more self-aware. They are more conscious about the people around them and where they are going, the things they are touching and using hand sanitizers. This has changed the production of health products at every level from external to internal usage products.
Normalize and innovate
The world is facing great changes at every level. Be it economical, sociologically, technologically, biologically or psychologically. But this is the time where millionaires are made. Such has been proven in the past financial crises. Recession is inevitable but that is when business models change. Costs will go down. Businesses that survive the pandemic (or recession) will come out stronger and resilient.
New businesses emerge
With new business models, there will be new platforms. Perhaps this is the time for cryptocurrencies to become mainstream. As people are staying home more, digital movements become more evident. Life becomes less mobile. The world is now forced to be more prudent not only in spending but also in life itself. You plan your meals and travels. The world is greener. Companies are more concerned and mindful of the health of their employees. Businesses become more relevant to suit this new lifestyle. Be prepared for the new normal.