The pandemic has impacted the price of every vital commodity, exacerbated retrenchment exercises and plunged global stock markets due to the reduced market confidence on economic sustainability. The pandemic has created a unique economic crisis where there is an unprecedented break in the global supply chain. Businesses have to actively search for alternative suppliers but due to the virus spread, alternative suppliers have become few and far between. Therefore the true extent of the world economic damage will only be clear with the strength of its recovery which is still a big question mark for many.
Even so, it does not stop us from proposing means to solve the crisis. In the second video, there are some proposals for governments. Governments have to strike a balance and not turn to austerity. They are borrowing sums of money and injecting into the economy. However, due to such actions, the government has ballooned enormous debt that taxpayers would be forced to shoulder the burden when interest rates rise.
Furthermore, the government should consider the sustained digital push in the economy. This remork-work revolution would accelerate economic efficiency, decrease unequal growth stemming from the congregation of good jobs only in cities.