Post-Covid Economic Recovery Plans

Economies around the world have taken a severe hit due to the coronavirus pandemic. Millions of people have lost their jobs. Many small and medium enterprises have closed their doors and are on the brink of collapse if no intervention is considered. In this article, read about how individuals and businesses can plan for the post-pandemic recovery.

Online Platforms

Businesses have different models through which they deliver value to its stakeholders, particularly to its customers. Models that are predominantly land-based have suffered the most due to the lockdown measures and restricted movement put in place to combat the spread of the disease. In the post-covid plan, these businesses might need to introduce an online platform to take advantage of a broader customer base who can order goods and services virtually. In this way, they will be better prepared for future shocks.

Government Stimulus Plans

Governments have also seen dwindled revenue due to closed businesses and workers out of work. Going forward, the economy news will be grim reading, but all is not lost if governments institute robust stimulus plans to get businesses and individuals going again. The stimulus might take different forms, but cash injection and cash vouchers are the most probable route to enhance the purchasing power of businesses and individuals and get the economy running again.

Saving Plans

It is a piece of key financial management advice that one should save a portion of their income for the future. The pandemic has painfully taught this lesson. Going forward, individuals need to take savings a bit more seriously and have a concrete plan in place to cushion themselves from unforeseen events. Financial institutions need to have more incentives to encourage more people to save by having attractive interest rates. Governments need to introduce safety nets for the most vulnerable to lessen the effects of economic shocks.

Events

Many governments are testing out how to start organising events with crowds, now that vaccinations in most countries have been rolled out. This summer we’ll see a number of sporting events taking place, such as Unibet Euro 2020, with restricted crowds thus different from what we are used to.