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How COVID-19 Is Changing the Economy

by Logan Caswell |

In less than ten months, COVID-19 has transformed the world.

But, what might its impact ultimately be? The lasting damage on our planet’s economy may be with us for years to come. Is there a global lack of concern which is leading us on a dangerous path?  We should remember, the world was troubled even before the pandemic. In 2008, the biggest financial crisis since the Great Depression shook the global economy. The repercussions of the crash included depressed wages, austerity and political instability.

However, this crisis is unprecedented and there is disagreement about the lockdown and strict quarantine measures put in place around COVID-19.  Some say it’s a fake virus. Really? Some refuse to wear a mask. I believe it’s time for us to get with the times and follow the protocols.

Will people go back to their previous lives once the disease has been brought under control? My take is, people will return to restaurants, movie theatres, shops, offices and international travel, but not at the same level we saw before the pandemic.

Some of us have experienced working from home, and to some extent remote working is viable. Screenings may become part of our lives. But, even in the unlikely event a cure magically pops up, our world will surely look different.

COVID-19 has set its place in history and has already impacted the global economy. Let’s hope we can learn some important lessons and bounce back sooner rather than later.

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