In the wake of the Corona (Covid-19) virus pandemic, the world is expecting seven major changes, and the current global situation is predicted to be included in historic events such as the Great Depression or the 2008 global financial crisis.
Online shopping
Isolation in homes and closed stores has resulted in increased interest in online and contactless shopping, so it is anticipated that at least the short-term winners of this situation should be those who provide goods and services without having to physically contact with their customers.
The winners in this category could certainly be cloud computing service providers like Zuma, Microsoft and other virtual reality companies like Okulus and Netflix. Social media traffic will grow, but advertiser revenue will suffer from weak demand and a disrupted economy.
In the short term, e-shopping service providers as well as the delivery of food and essentials could also rise. And when the economy eventually improves, the positive effects for this group will generally last, thanks to the already established customer habits.
A new way of working
People also need to prepare for a new way of working as some employers may continue to apply work from home. Remote work technology enables quality work and communication through online platforms.
On the other hand, it could cause a serious blow to the commercial real estate market, as many sectors may have a quantitatively less need for physical jobs.
Working from home could also lead to the exodus of workers from large cities and their relocation to less populated areas, with a smaller cost of living.
Automating Jobs
Namely, in order to survive the economic and financial crisis, many companies will have to lay off a certain number of workers and automate what can be automated.
They might see that teleworking can also be done by highly skilled workers in lower-cost countries.
As predicted, jobs will first move from business to home, and over time will shift from remote domestic locations to remote overseas.
Medical innovation
One of the changes that are expected is the innovative medical advances, but not just the ones we are used to, in terms of progress in knowledge and experience. Telemedicine could become the new standard.
Physicians in the United States are already conducting long-distance examinations through state lines, can send emails and make video calls to patients. Health insurance providers now have to pay for telemedicine services.
Telemedicine is expected to improve and expand - through better testing and diagnosis at home and the widespread adoption of wearable products, which continuously monitor the onset of symptoms.
Amphitheater or online classes?
Also, the pandemic has forced many universities to continue moving to the online format, and if this style of teaching continues, students might wonder in the fall - how much sense does it make to pay for an academic year and a student life in another city?
In this case, universities will face pressure to reduce costs, so they could find a possible way out in a hybrid model of teaching that reduces front-line teaching to project-based online assignments and student workgroups.
This will significantly reduce costs while allowing the best instructors to focus their knowledge on more students.
The end of globalization?
At the end of the pandemic, it is predicted that people, but also goods, will move less and less, which could lead to the collapse of international trade.
In order to strengthen their ability to survive over prolonged periods of economic self-isolation, governments in many countries will do their best to strengthen domestic production capacity.
Corporations will increasingly favor the resilience of centralized domestic supply chains against the effectiveness of globalized ones. Airlines, hospitality and tourism will experience a sharp drop in demand during and immediately after the crisis.
Stronger international cooperation
After the initial withdrawal of globalization, many countries could become aware of the real technological and viral threats, which could lead to international cooperation finding a way out of the problem.
Adopting a sense of pragmatic internationalism, countries would develop international norms, monitoring and reporting systems, as well as coordinated response plans and crisis situations.
A coordinated global agreement, during the next pandemic, would make self-isolation orders effective, while reducing economic shutdowns.
