بِسْمِ اللهِ الرَّحْمٰنِ الرَّحِيْمِ
The world was going the way it was just normally but then a new pandemic hit us a bit hard so much so that it influenced a human life to its core with many different reasons and too in a not positive way.
It has lead to a de-globalization as people are more focused on self reliance in a country. Economy has shattered a lot due to lock down different studies are done on it and hope is to regain what is lost during the pandamic.
In the case of economy we can learn from China as its lock down is over and economy is working at 90%+ but still there is long way to go. The supply chains due to corona virus is more disrupted than in the 2008 recession.
Tourism and hospitality industry have become worst affected by it especially countries who has a lot of contribution to GDP due to it. Petroleum industry is also worst affected as travel has reduced during lock down whether road or airways.
THEORIES AND INTERPRETATION
In reality all these things are assumption and we don’t know what will really happen It depends how much it will spread if this virus is contained at very less loss or with a catastrophe both situation would be completely different, with both life and economy at stake.
Saving lives and saving economy needs a balance as if economy worsen due to lock down in developing countries people could die of starvation if not helped by government.
when talking about public sector and government debts would increase overall and as a result taxes will rise. Although all world are facing these problems but still division will persist and grow and is growing and causing concerns overs world trade and globalization as tensions are growing within European union and between United states and China.
A strong feeling of nationalism is growing around the world, right wing around the world may gain popularity around the world during and after the pandemic. After world war 2 the there was rise in Liberalism as a approach to attain peace but things are changing now not in one country but around the globe.
If international business is reduced it would affect the finance, stocks not in a healthy way. Work from home concept might increase thereby changing commuting experience and even city development is influenced by it.
Psychological aspect is also to be taken to consideration as people under regular stress could become psychologically weak and PTSD (post trauma stress disorder) could affect people, it can be due to loss of life of closed once or due to social distancing and running lockdown.
In the past War and pandemics have changed the world but in long term humanity have survived and became better as with difficulty comes ease, so men can only hope as when all these things would end with a happy ending.