Like previous world-altering phenomenon such as the Great Depression and 2008 financial crisis, the Covid-19 pandemic is also changing the structure of the world. It’s affecting both the social and economic infrastructure of the world and it will never be the same. Mark Roemer has listed some of the more predictable changes that have already taken place and will most likely reinforce themselves in the future. Let’s take a look at what they are.
- Changes in Digital and eCommerce Services- Needless to say, with people locked up in their homes, the economy across all nations is taking a significant hit. However digital services continue to perform as usual since they don’t require any physical contact.
Companies such as Zoom, Slack, Microsoft, and other digital work platforms seem to be benefiting the most from this crisis. The advertising industry has also taken a hit. Although social media usage has increased dramatically, many major platforms have pulled down their ads. Coca-Cola, for instance, has stopped advertising on Facebook and other mediums.
- Remote Work Becomes the Default mode of Operations- Even now, companies are laying off less productive workers to balance the drop in revenues. They have even automated specific tasks and made others remote-capable so that they can remain efficient on a tight budget.
Even as the condition stabilizes, the companies would want to stick to remote work simply because of efficiency. Quality labor can be found in other regions at cheaper rates, even overseas. It is predicted that more and more IT companies will slowly migrate to similar work routines.
- The Emergence of Telemedicine as the new ‘Normal’- Even before the pandemic, health care professionals were adopting telemedicine services to help patients. They have been doing remote visits via video-chats and emails under the HIPAA.
The emergence of the pandemic forced people to double-down on such practices and given their efficiency and ease; they will become the new normal in the future. The Government has been investing a significant amount of capital into healthcare, virology research, and diagnostics companies. The need for constant monitoring and at-home testing facilities is stating the use of telemedicine and predicts its future proliferation.
- Online Education will Become Mainstream- Many educational institutions have already started to provide online classes. In the future, it may become possible that remote learning becomes available at a fraction of in-classroom costs. Once the world comprehends the fact that quality learning is possible without spending a fortune, the whole education sector will get transformed.
Universities and colleges might also alter their curriculum to cut costs by shifting to online classes. They may even opt for a hybrid model, altering between online and offline courses based on student learning groups and project-based assignments.
- Decreased Transportation of goods across Regional and National Border- Countries will look to themselves for resource production rather than relying on other nations. They will be in search of ways to restart their economy after a prolonged period of self-isolation.
According to Mark Roemer, governments across the world are already considering strengthening their domestic manufacturing capacity and fixing redundancy in their supply chains. In conclusion, the Covid-19 pandemic has halted the world and would go down in history as the event that changed the very course of human evolution.