CORONA VIRUS (NOVEL COVID-19) HAS DEVASATED WORLD ECONOMY,
MADE IMPACT ON WHOLE HUMANITY,
TAUGHT NEW ASPECTS TO WHOLE HUMANITY LIKE SOCIAL DISTANCING,
WORK FROM HOME, E-CLASSES, VIRTUAL MEETING ETC.
COVID-19 HAS DERAILED HUMAN MOVEMENTS AND HUMANITY can TAKE TIME TO BE BACK on target.
We are listing here prime ten changes that are goin to happen Socio-Economically across world.
Change in World Economy:
China could lost position as Largest businessperson of world or China export could scale back substantial in coming back years, since several Developed countries like USA, Japan, Britain, European country area unit going to Shift their manufacturing base from China to different continents of world like India, Hong Kong, Thailand, Brazil etc. or re-considering their trade relation with China.
Most of nations across world were facing slow down before Corona epidemic. Due to Corona Epidemic several countries area unit under threat of recession and if epidemic continues until Aug/Sep of 2020, it should take 2-5 years for Countries to endure Economic Breakdown.
Poverty can rise,
10-20% world population could lost there job Due to Corona Epidemic or Economic slow down across world. As per recent statement of Donald Trump alone USA can have job cut of 40-50Million.
2. Social Distancing/Physical
Covid-19 has educated Social Distancing to world. Social Distancing can become vital part of Social & business life.
Countries like Japan, Czech Republic already applying Social Distancing in there routine activities, could grow in different components of world.
During Corona 60-70% world population is following Social Distancing being obligatory. but once Epidemic is contained, 10-15% population can still follow Social Distancing and can avoid Physical bit. Covid-19 conjointly educated to Humanity that Pray also can be done reception
3. GROWTH OF DIGITAL pocketbook
Perception of money as a Vehicle of Virus might modification shopper perception to pay face to face.
India Digital wallet/E-Wallet got massive Push from demonetisation, individuals shifted from money dealings to E pocket wallet, internet Banking and plastic cash like Debit/Credit Cards.
Now E-Wallet can move to next level for day to day money dealings, as a lot of individuals can like E-wallet to avoid Personal contact.
As of currently or so forty first world population is exploitation E-wallet for day to day dealings, Asia pacific is leading with proportion of fifty eight percent.
4. E-CLASSES: Corona Epidemic might reshape education.
Due to Corona Epidemic, School, College, Universities across world off in-person categories and moving to E-Classes.
Corona virus is swing E-learning to extend in teacher confidence around technology & E-platforms.
Global E-learning market size is or so $200 billion, Indian E-learning market size is or so $1.5 billion. India is second largest marketplace for E-learning once U.S
Global E-learning market is growing by 2 hundredth percent and Corona Epidemic can provides a massive boost to E-learning business.
5. GROWTH of Work FROM HOME JOBS/FREELANCER:
Even before Corona Epidemic, Work from Home jobs market was on rise, with a lot of employees seeking out versatile arrangement that permit them to figure from home.
Thanks to technology like high-speed net and mobile phones, Work from Home idea can move to next level from IT business to different industries like Capital equipment, FMCG, BPO’s, KPO’s depends upon sensitivity of data.
Corporates will scale back there land value by permitting Non-essential operate to control from different places.
Work from Home idea is growing @ 8% annually & once Corona Epidemic is over work from Home idea is anticipated to be doubled.
Around 3-4% manpower is functioning from Home in Developed countries and one percent in developing countries.
6. GROWTH OF ARTIFICIAL INTELLIGENCE:
The coronavirus has forced us to rethink the approach we have a tendency to work. Technology plays a large role therein transformation.
AI will establish infected or non-compliant people
Available from SenseTime, China employs a classy police work – nonetheless disputed – closed-circuit television that uses face recognition computer code and temperature detection computer code. It can be used to detect if an individual has a fever, which can indicate that they have the virus.
Robots deliver and provides food, sterilize
Drones will deliver medical provides
AI can establish, track, and forecast outbreaks
Although this technologies area unit solely opted by few Developed countries.
AI goes to search out more room in coming back years.
7. GRWOTH OF TELE HEALTH:
The technical superiority of the new normal empowers physicians to diagnose, treat, and care for patients while not the necessity to be physically close to them. We’ve already seen such use cases for 5G to combat coronavirus in China:
In January, telecoms ZTE and China medium designed a 5G-powered system that allows remote consultations and diagnoses of the virus by connecting physicians at West China Hospital to twenty seven hospitals treating infected patients.
8. IMPORTANCE OF 5G TECHNOLOGY:
The growing would like for remote interactions amid the coronavirus pandemic has highlighted a necessity for 5G technology.
5G’s lightning-fast speeds, near-instantaneous communications, and accumulated association density makes it fit for remote interactions, that has become prime of mind for several organizations and enterprises as caution mounts over the spread of the virus.
9. GROWTH IN IT/TECH/MACHINE LEARNING:
Although IT business can face holdup, since it relies on different sectors like Banking, Airline, Retail, Oil & works etc. And this business can have severe impact on disbursal,
Still IT business can get boost from AI, E-Learning, Tele-Health, Payment pocketbook, Virtual Meeting Rooms, and5G technology.
IT business expected to be flat or with very little growth since major part of job is executed from remote locations.
10. DE-GROWTH IN producing, touristry etc.:
Real Estate, Capital instrumentality, Tourism, Travel, Cement, Steel, Textile, Oil & refineries, recreation, entertainment are going to be under slow phase for 1-2 years.FMCG, Pharmacy, Insurance, Sugar expected to be flat in coming back few years
