"A pandemic will lead to
permanent social, economic, and cultural changes. The key is to create good
from a bad situation." ―Wayne Gerard Trotman
COVID-19 has the worst impact
on the economy globally with increased unemployment and an imminent recession.
It is tough to predict how long will it take to combat the virus and its
adverse impact on the global economy. It is unclear how long will it take to
end the recession. One thing is certain that the world will come out stronger, slimmer
and trimmer.
It appears that all
industries will be affected adversely except health care and communication.
Currently, hotel, transportation, tourism, and retail have been adversely
affected.
Every threat is an
opportunity for entrepreneurs and leaders. For instance, Warren Featherbone,
the family-owned distillery has converted the current threat of global pandemic
into an opportunity by making hand sanitizers.
The world has bounced back
from several recessions in the past. Most leaders treated recession as an
opportunity and reinvented their businesses and became successful globally.
After the Great Depression, the world bounced back much stronger and smarter.
The world has demonstrated its resilience by overcoming several challenges
including The Oil Embargo, Black Monday, and the Global Financial Crisis. It
bounced back from several challenges including SARS in 2004, H1N1 in 2009, and
the Ebola outbreak in 2015. Similarly, the world will come out of the current
pandemic as the human mind and imagination are more powerful than the so-called
virus.
Reference
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Life is great!
Professor
M.S. Rao
Founder of MSR Leadership
Consultants, India
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