In December 2019, the global health crisis caused by the COVID-19 pandemic began in China, catching the world unawares and unprepared. It started causing significant havoc worldwide, affecting business activities, especially small businesses.
Small businesses have been seen as being more affected by the pandemic. This is perhaps because of the reason that they are directly associated with the sectors closely in touch with COVID 19.
In addition, small businesses are more credit-constrained, and hence, they have faced more difficulties while operating during the pandemic.
In the light of COVID-19 reaching all aspects of life and affecting it to its core, it is important that we understand how COVID 19 has affected the business operation and revenues.
In order to assess the impact of the pandemic and the future consequences on the business, keep reading!
How The Government Of Different Nations Responded To The Pandemic?
The impact of COVID has reached every corner of the world. Yet, seeing how the pandemic is affecting their economy and poses a threat to their citizens, countries, approaches to combat COVID 19 have varied throughout.
Different nations came up with different approaches to fighting pandemics. Different policies were rolled out to ensure everyone was safe and secure from the infection.
In fact, some nations raised a wall to isolate themselves from other nations to stop the spread of the pandemic.
Below are a few nations and their response to handling COVID 19 pandemic.
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While the US is considered to be the most advanced country in the world, it was the first nation that took the first major blow. By the end of the first month of the pandemic, thousands of people had lost their lives.
In response to such a catastrophic event, America went full throttle. Across the US, despite the healthcare system being strained, they were able to hold onto the increased demand.
They even started handling stimulus checks for the citizens to ensure that they do not go hungry.
The government of Russia was able to act quickly and respond to the pandemic with preventive measures. The preventive measures were there for the sole purpose of preventing the spread of COVID 19. And the people who were against this whole preventive measure were forced to quarantine.
Measures to prevent the infection were implemented in every aspect of life. This even includes banning the export and import of medical masks and canceling any large-scale events.
When the Philippines faced a dire situation, the national and local governments responded with several emergency measures.
Such as –
- Closing school.
- Preventing any large-scale meeting from happening.
- Calling lockdowns.
- And other restrictions to prevent the spread of COVID 19.
While these restrictions were certainly problematic for normal people, the local small business in the Philippines took the most damage.
When the pandemic reached India, the first thing the Indian government did was that they make thermal screening mandatory for people arriving from China. This practice then spread to screening everyone that was returning to India from a different country.
As the pandemic started spreading worldwide, India started practicing social distancing and initiated any kind of long travel restriction.
Australia’s response to COVID 19 has been a subject of jealousy for the other nations. When other countries were facing cases in hundreds and thousands, Australia was talking in single digits.
The cases brought forward were not because of any community transmission but of the hotels that were used to quarantine citizens returning from overseas.
Australia was able to pull this off because they were proactive with all the information they were getting and used it to create preventive measures like social distancing, lockdown, no meetings, work from home culture, and other measures to stop the spread of COVID 19.
Globalization Post COVID 19
It has been more than two years since the advent of the COVID 19 pandemic. These two years seem like a decade. This is because so many things happened during these two years.
Today, we are in 2022. Despite the fear of a pandemic, everyone is slowly returning back to their normal lives. To get back to our normal lives, we need to forget about what has happened and focus on what we can do in the future.
Now that we are getting to our normal lives –
- Can we really get back in the old groves?
- How fast can we expect the global flow to rebound?
- Or, how might the future flow look different?
None of these answers can be given right now. But the global leaders can certainly find clues and predict what the answers will look like.
We believe that by focusing on these pillars, we can bring globalization back on track.
Revamping Supply Chain Policies
Now that businesses are opening their gates, supply chain policies are back on top of the agenda. In addition, the shifting approach of the audiences has the potential to reshape trade and online businesses.
The key question here is whether countries will seek a better safety net in international diversification or will they move forward with domestic self-efficiency.
Focusing On Ongoing Technology shifts
Before the pandemic, technologies were all about covering the global flows. But during the pandemic, where people were forced to quarantine themselves, they adopted technologies like video conferencing and robots to communicate with the customers.
Business leaders can think of increasing their productivity with the help of technology. They can take a structural approach to consider both internal and external implications.
The current situation of COVID 19 looks like a bend but won’t break the crisis. Despite giving out all, we are yet to find any permanent solution. That means we have to continue our life under the umbrella of the pandemic.
Although international flows are plummeting, globalization will continue to present opportunities. You just need to pay close attention to the drivers of globalization, and the moment you get the chance, you need to take the plunge.
We need to prepare ourselves for a volatile world and show global corporations.
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