No one could actually predict the future after COVID-19. It all took us by surprise. What does this mean for our dear entrepreneurs? According to Deloitte, there are four possible scenarios. Here are the four possibilities for entrepreneurs post-pandemic.
“The Passing Storm”
As the name implies, it would only be here for a certain time. The pandemic has shaken the world to its core however, it was swiftly remedied. The world was able to launch effective health programs and political responses.
The economic impacts lasted longer compared to the virus’s lifespan. Stimulus packages were effective in softening the blow, but it was not enough to help each and every small business.
For this to happen, the government an d society must agree. The government must put up an effective plan and share best practices. In turn, society must comply with the measures set out by the government. The economic rebound will take place late in 2020 until early 2021.
“Good Company”
For this scenario, the virus persists past the deadline. This means that the governments around the world partnered with private institutions. There is an increase in “pop-up” ecosystems. Companies are ready to help in terms of critical needs.
Social media companies and tech giants become imperative in the survival of the society. Companies will ultimately shift to “Stakeholder Capitalism”. An empathetic view where companies put premium on their customers’ and employees’ experience during the rebuild.
In this scenario, there is a massive increase in corporate social responsibility. Companies will join hands with public institutions to combat the virus. For this scenario, the economic recovery of nations will begin in 2021 until 2022.
“Sunrise in the East”
The impact of COVID-19 to nations is severe and inconsistent according to this scenario. As the name implies, China and other East Asian nations will be the one who can recover quicker. They will be able to manage the virus quicker than other countries. China and other East Asian nations will be at the seat of power, tasked in coordinating health systems and institutions.
Their response to the virus will be the “Gold Standard”. This scenario also says that western countries may have troubles in adjusting to the impacts of the virus. As for economic recovery, it would begin in late 2021. However, there will be quicker recoveries in the eastern part of the world.,
“Lone Wolves”
The fourth scenario is true for some nations in the world. For this scenario, the COVID-19 pandemic has proved to be resistant against nations’ initiatives. The pandemic lasted longer than anyone is prepared for. Countries isolate themselves from other nations fearing that there might be new cases in their land.
The supply chains are paralyzed in this scenario. Rigid surveillance is also commonplace in this scenario. A revitalized economy will surface in the second half of 2022, although the rates of recovery per country will greatly vary.
(These scenarios are from Deloitte’s discussion. Click here to get the full presentation.)
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Opinions expressed by AsianBlurb contributors are their own.
Zakary Kelley is a technology reporter for Business Blurb covering social media and the digital products that are changing our lives.
