As the health crisis ends a key question raised relates to what the shape of the economic recovery will be. There is a belief that the coronavirus crisis will be a "V crisis", which means that after the deep recession it has created, there will be a V-shaped recovery. A deep wound left by the crisis is the large increase in debt. So the key question is whether there can be strong long-term growth that will create the conditions for a gradual reduction of the debt / GDP ratio. That is, if conditions are created for strengthening the economy that can be sustainable in the long run. These preconditions seem to probably exist.
In fact, the health crisis may prove to be the accelerator of the economies of developed and developing countries, since, indeed, the pandemic as a dominant force has finally highlighted the most important global issues.
Three of the major issues that the pandemic crisis has operated as an accelerator for the economy are the following.
1. The health crisis has been helped to bridge the gap of entities for the digital transition. It has become more and more clear that the benefits of digitalization, must and now concerns many more sectors of services, companies, industries, and even countries. In a pre-pandemic situation would need much longer to transition to the digital age, especially for those far behind.
2. The health crisis has highlighted the need to create mechanisms to speed up the processes by which all must work together in a coordinated manner to address issues concerning the global population. Thus, for example, it highlighted the need for coordinated policy actions and investments to deal with the major issue of the climate crisis.
3. Most importantly, the crisis has improved the prospects of many sectors of the economy, business, and human resources as many of the executives and the productive people realized at all corners of the world the potential offered by the fourth industrial revolution.
In fact, they have realized the possibilities offered by digital technology on a large scale through the widespread and coordinated interconnection.
Based on the above, and this is the most important, the pandemic crisis will probably serve as the trigger for the maturation of the conditions, which today, although these conditions have not yet been implemented, can lead us to the 5th industrial revolution, where we will move into a post-human era in which humans and machines will invent and coexist with each other.
Indeed, bridging the digital divide, a coordinated approach to global issues, and the maturation of technologies such as quantum mechanics will all create a new growth model that will lead to a new era. In a new era, which, in 20 years from today, in a hypothetical scenario of the emergence of a new pandemic, its treatment in this future era will be very different from what has been done regarding the recent crisis of the coronavirus pandemic. In this future, most likely, the possibilities of dealing with a pandemic will be much more, since for example:
- With high-tech robotics, we will be able to replace humans with machines in key positions so that they are not exposed to danger.
- Drones will be a means of transporting services and food and medicine from their disposal points directly to households, without human intervention.
- With simultaneous connectivity, hospitals around the world will be able to exchange qualitative and quantitative data, making comparisons and case evaluations and laboratory measurements.
Data will be the greatest asset in the new age to come, with those who control data having a huge comparative advantage. That is why China, and the United States are at war on geotechnology. Of great importance for the new era that is emerging, is the way of perceiving the operation of the economy, entrepreneurship, production, and the operation of government. While a key country for the course of the new world order, it will be India which will be the most densely populated country in the world.
It is clear, that many risks will arise, but it seems that the impetus which leads to the 5th Industrial Revolution has already been given. Thus, high growth, in the long run, seems to be the most likely scenario, however, during the new revolutions, prudent management of knowledge about the use of evolving technology is required. The fundamental assumption is that evolving technologies must be used, oriented to the timeless values of humanity. For this to happen, technological revolutions require people to control a new revolution by finding and following a common ground of policies and actions accepted by the vast majority, otherwise, everyone will be forced to suffer each of its consequences. Both the good and the bad consequences of a new revolution.
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