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Forbes expects COVID-19 to herald 10 global changes
Forbes expected the coronavirus (COVID-19) to lead to 10 changes in the world, including economic, social and technological changes.
In an article entitled “Are We Witnessing The Awakening Of A New World Order?,” Forbes expected these changes to include power shift, development of highly automated infrastructure, increased confidence in technology, decrease in business travel as well as governments’ introduction of e-services, a boost in investments in healthcare, increased trust in Middle East governments, rise in home-schooling, launch of more philanthropic initiatives and, finally, a positive impact on the environment.
As for the power shift, Forbes predicted China and other Asian countries to recover before the US.
Also, Forbes forecast increasing trust in local governments in the Middle East due to the strong defensive measures taken to control the pandemic. Central Banks have injected large sums for financial institutions and offered unprecedented exemptions that were not provided before.
As COVID-19 also resulted into lockdowns and reduction of human working hours, Forbes expected this to lead to the development of a highly-automated production infrastructure.
This automated production infrastructure will help save energy, lower production costs and improve quality of products.
Moreover, it will help businesses to go on even during the times of crises.
Forbes also said the current crisis will boost use of technology and promote confidence in it.
People who are committed to traditional payment methods will now change their attitude and go to online service.
People will also adapt to new trends, such as working from home.
Therefore, governments are expected to introduce and develop e-services throughout the Middle East region.
The UAE has a considerable experience in developing e-services, which have continued to serve residents throughout the pandemic, including courts, immigration and passport services, ministries, and other various institutions.
Technological development became also essential as the pandemic caused the shutdown of schools, thus people came to depend on distance learning.
The pandemic caused the closure of schools in 188 countries all over the world, according to UNESCO, home-schooling programs have started to take effect.
Moreover, video conferences will surface as a pivotal tool for communication as flights are suspended in most world countries.
Forbes also highlighted the social impact of the pandemic. The social impact was manifested in fostering family bonds as well as spearheading philanthropic initiatives.
The international community has joined together in global empathy to stand united, while billionaires donated millions of dollars to help save people’s lives.
The pandemic has also drawn attention on the importance of working harder to attain the Sustainable Development Goal 3 on Good Health and Well-Being.
Forbes predicted governments, business leaders, and companies to inject more investments into healthcare and healthcare products after discovering the gaps in the global system while fighting the coronavirus.
Finally, Forbes highlighted the positive impact of the pandemic on the environment. NASA and the ESA both found that there had been a drop in nitrogen dioxide in parts of China and Italy in March.
Meanwhile, the Center for International Climate Research in Oslo estimates there will be a 1.2% decline in carbon dioxide emissions in 2020, using global GDP forecasts from the OECD.
Forbes concluded that the crisis will pass, but the world will witness many more positive social, economic, and technological developments all over the world.
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