Assessing the Fallout
How will COVID-19 impact global economies and our lives?
COVID-19 brought global economies to a standstill. When will they recover? How might the world change politically and socially? Could the pandemic bring people closer together? These are just some of the questions Paul Donovan, Global Chief Economist from UBS, shared in conversation with Elizabeth Filippouli, founder and entrepreneur, at a recent event in collaboration with Athena40, an initiative by the Global Thinkers Forum, supporting the advancement of women in leadership.
1. The third quarter will deliver the strongest economic growth on record in Europe and the United States – but it won’t be enough to fully repair the economic damage of COVID-19 (see Q1.)
2. With fear of the virus reducing, a second wave may
not harm economies as much as the first (see Q2).
3. Education should focus more on critical reasoning
than memorizing by rote (see Q3).
4. There may be more private sector investment in
startups. Entrepreneurs might also find it cheaper and
easier to start businesses (see Q4).
5. Middle-income people losing status and falling into
poverty may see growing support for extreme political
parties (see Q5).
6. The pandemic will hit different economies at different speeds and in different ways. Countries will need to customize their responses (see Q6).
7. Companies are more likely to encourage staff to work from home, recognizing that they can still be productive (see Q7)
8. Blind interviews, diverse candidate pools and remote working can improve diversity in the workplace (see Q8).
9. Companies can build trust with customers by telling
compelling narratives (see Q9).
10. Countries that have benefited most from complex
global supply chains are likely to face significant
challenges over the next 10 years (see Q10).
11. Arts and culture will find new forms of expression –
and the barriers to participating in art will fall (see Q11).
12. Single-issue politics will continue to rise, helping
shape policies but possibly leading to extreme political
movements (see Q12).