Nowadays, the boost in digital technology can be seen worldwide, especially during the pandemic situation with its significant economic sphere influence. Both new opportunities and challenges have appeared that need to be handled. The economy will shift to another perspective after the pandemic is over, leading to an outcome where the main possibilities and difficulties will be discussed further and their impacts on the economic and social situation worldwide.
First of all, the online labor market’s distinctive feature is digital tools for work, so-called digitalization. Many distributed offline services have shifted to online platforms, which means that many companies can develop new sides of their business and attract more clients. Another essential shift is access to the Internet and availability to manage one’s business online. For instance, the cost of mobile Internet has been reduced in sub-Saharan countries; thus, the number of Internet users has increased. Furthermore, money transactions from mobile wallets in Kenya can be done without any fees during the pandemic situation; therefore, it has opened new business and personal opportunities. Another example can be seen in art development, which involves watching plays and concerts online, hardly imagined before Covid-19. Therefore, the pandemic situation has influenced the economic sector and brought new opportunities for online development worldwide.
There are also some challenges that many companies have faced during the pandemic; for example, they must be creative and innovative to adapt to new conditions. Secondly, there is a lack of digital skills workers who can create automated tools for companies. Another challenge is access for women to coding jobs in some countries. Women in Columbia have access to work; however, it is difficult for them to search for work opportunities in the IT sphere. As a result of digitalization, there can be unemployment in offline spheres and tremendous demand for workers in a coding labor market.
Summing up, the pandemic situation has transformed the economic crisis worldwide by creating new possibilities for development, on the one hand, and bringing new challenges on the other hand. Businesses, companies, and employees have faced a new digital reality, and now they need to adapt to immersed conditions and difficulties. Hence, the future implications of such a process will inevitably result in the rapid demand for digitally oriented projects.