Pivoting In A Pandemic: How Do We Plan For An Uncertain Future?

MONTREAL - EntSun -- One of the most immediate concerns since the beginning of lockdowns and quarantine are people's jobs and the economy.

"From our job to our home, COVID-19 has disrupted every aspect of our life," sucess and wealth strategist, Saina Khozeini comments on the effects of the pandemic for business owners, entrepreneurs, and the job market.

"World's economy during the pandemic is far from normal. Be prepared, because your life might never be the same after the pandemic."

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Efforts to combat the spread of the novel corona-virus have heavily disrupted industrial production, supply chains, and demand for goods. As countries have done their best to adapt and economies begin to reopen, production begins to recover. How long that recovery may take is unclear, but some experts have an idea of what to anticipate.

"Those looking for a quick recovery will be disappointed," remarks Khozeini. "Even by the end of 2020, the world will be nowhere near back. It'll take at least two years just to get back to those levels of normal economy. Global economic recovery from Covid-19 is expected to be slow and gradual."

Like many of us, Khozeini recognizes the global pandemic's gravity, but she believes that as we move forward, we should continue to find innovative ways to accelerate the recovery process.

"When the pandemic ends, businesses will most likely be more in debt than ever. If they devise a smart plan, act proactively and innovate, invest wisely, and increase their productivity, a new era of economy will begin," says Khozeini. "But if they spend randomly and incautiously, economic and social development might weaken for years."

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"There could be permanent negative long-term economic effects from the current pandemic," Khozieni thinks of the impacts of the pandemic of 1918, which is often referred to as the Spanish flu, which was caused by the H1N1 influenza virus.

"The 1918 flu offers an important lesson for our current economic outlook: there may be major declines in the returns to capital in the next decade, as well as relative increases in poverty."

Those uncertain of their job security or the state of their business should pursue embracing new and creative approaches to adapt for the future ahead. Companies that are finding some form of success in 2020 have shifted focus toward the digital space and collaborate with strategists, consultants, and even other businesses.

Even though this is an unprecedented experience in our lifetimes, our history shows us we can and have come out on the other side. The future may be more unclear than ever, but we should prepare for it by having hope and continuing conversations to problem-solve and innovate.