There can be no doubt that the coronavirus has damaged the economy in a massive way, disrupting not only the trade-related transactions in China but also grasping the entire world. So far, COVID-19 has led to the cessation of a range of economic processes and put a variety of businesses to a halt (Johnson et al., 2020). Among the major issues that the coronavirus has caused, the fact that the suggested measures are likely to affect the economy even further needs to be addressed. Namely, by putting entire communities in quarantine, local governments have created a setting in which it is barely impossible for companies to survive (Cecchetti & Schoenholtz, 2020). 7 However, by utilizing innovative tools, including IT and ICT, organizations will be able to continue operating by offering their staff members remote work.
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Arguably, the suggested strategy is unlikely to help manufacturing organizations, where physical labor is needed to produce the necessary results. However, in light of the fact that automation has affected nearly all modern industries, it seems plausible for companies to sustain their business by introducing an automatized approach wherever possible and performing the functions of monitoring and control as remote activities (Ramasamy & Reddy, 2020). Thus, organizations will be able to survive, which will keep the economy stable (Benvenuto, Giovanetti, Vassallo, Angeletti, & Ciccozzi, 2020). On a larger scale, the actions that will help to keep the economy stable despite the coronavirus should be based on abandoning the lockdown while focusing on safeguarding people and encouraging digital transactions instead of physical ones whenever possible. Namely, the dates for the cessation of the lockdown will have to be identified and followed accordingly.
In addition, a greater emphasis has to be placed on the investment in the management of nursing and healthcare facilities since the specified organizations are under a huge strain presently. By investing in the specific organizations, companies will be able to reduce the risks of COVI-19 contagion among their employees, as well as increase the opportunity of addressing the disease as fast as possible, should it appear in the corporate setting (Rani, 2020). The suggested strategy admittedly implies significant risks, the health risks being the most obvious and the most concerning ones. However, if the lockdown continues, the economy will collapse inevitably, leaving a huge number of people unemployed and broke (Pastor, 2020). Therefore, opportunities for key transactions have to be provided. Additionally, international flights need to be resumed so that companies’ supply chains could continue functioning.
The coronavirus has had a tremendously adverse effect on the global economy, causing large companies to suffer significant damages and creating the threat of an economic collapse. However, with the careful estimation of risks and the analysis of the global environment, one will be able to re-launch key global trade-related processes. As a result, the current economic system has been faltering between the state of a temporary shutdown and the complete recession. In order to revive the global market, companies need to design a clearly delineated plan for the resurgence of their production processes, including the estimated date and the amount of work that needs to be done. In addition, extra options for remote work will have to be provided to staff members as companies explore how the process of remote monitoring can be improved and how other functions can be transferred into the digital environment. With the specified steps completed, the spread of COVID will be limited, while companies will be able to revive the economy.
Benvenuto, D., Giovanetti, M., Vassallo, L., Angeletti, S., & Ciccozzi, M. (2020). Application of the ARIMA model on the COVID-2019 epidemic dataset. Data in Brief, 29(1), pp. 1-7. Web.
Cecchetti, S. G., & Schoenholtz, K. L. (2020). 7 contagion: Bank runs and COVID-19. London, UK: Centre for Economic Policy Research.
Johnson, H. C., Gossner, C. M., Colzani, E., Kinsman, J., Alexakis, L., Beauté, J.,… Ekdahl, K. (2020). Potential scenarios for the progression of a COVID-19 epidemic in the European Union and the European Economic Area, March 2020. Eurosurveillance, 25(9), pp. 1-5. Web.
Pastor, C. K. L. (2020). Sentiment analysis on synchronous online delivery of instruction due to extreme community quarantine in the Philippines caused by COVID-19 pandemic. Asian Journal of Multidisciplinary Studies, 3(1), pp. 1-5.
Ramasamy, K., & Reddy, L. S. (2020). The challenges in the Indian IT industry due to COVID-19-An Introspection. Studies in Indian Place Names, 40(70), pp. 161-174.
Rani, R. (2020). The impact of corona virus on Indian economy. Studies in Indian Place Names, 40(60), pp. 3618-3626.