The COVID-19 pandemic has had a major economic impact on the world, how do do we deal with it together?
A benchmark for developed nations. Economic stability refers to a country that has relatively minor fluctuations in their macroeconomics, i.e., constant output growth and a stable inflation rate. Yet the implications of such an ecosystem indicate greater nuances as a countries wealth and economic power are reflected on its unemployment rate as well as its population, income, and purchasing power. With stable economic growth, the nation is extended opportunities to further its infrastructure and development. “The rich get richer, while the poor get poorer”. Thus such sentiments are shared to describe the state of less developed nations as they are given far fewer opportunities due to their lack of infrastructure, economic and political instability, and debt. Such factors drive away foreign direct investments and make it increasingly difficult for underdeveloped nations to build. Ultimately the losses are felt by the population.
The rise of the COVID-19 pandemic came as a great indicator of such inequalities. Halting global supply chains and damaging businesses of all sizes, the pandemic saw no borders. It affected every nation in its path. It has become increasingly important for the minds of the 21st century to innovate solutions to ensure economic prosperity for all nations. Individualism and patriotism will not move humanity forward. In a time of such uncertainty and tragedy, how do we build our communities? How do we utilize the resources and capabilities at hand to grow together?