This Coronavirus outbreak is one of the worst pandemics that mankind has ever experienced. It is insane how fast it can spread and how easily it can infect people. The virus has affected every major country in the world, and numerous economies are suffering the consequences right now. But a lot of people are wondering how they can rebuild their economies and jump-start them back again after this outbreak has died out, passed on naturally, or is eliminated through vaccinations. It’s important to think of the plans thoroughly now so we can be prepared later. So, here’s a list of steps that each country should take to successfully revive its economy again.
Carefully and Slowly
Taking it slowly, carefully, and cautiously, is the best way to revive the economy. Because everything has been shut down from this pandemic, it’s going to take so much time and careful planning to open factories back up, and operations in businesses will need to be reassigned and carefully reviewed. Each country will need detailed planning to help the economy bounce back after this outbreak. Because of the uncertainty and fear that looms in each country, rushing to start up the economy again may have negative outcomes. Slow and steady can help each region understand what to do and how to fix everything correctly.
Don’t Forget About Maintenance
A lot of countries will be excited to start everything back up again before doing thorough maintenance and checkups of every piece of machinery or vehicle involved in their operations, construction, and manufacturing sectors. This is a bad idea and can lead to more setbacks along the way. So, it would be wise to check on the condition of every forklift, plane, truck, factory equipment, etc. to ensure that every piece of machinery is ready to be used again. So much equipment will go used for so long that it’s important that all countries follow safety standards to make sure everything is in tip-top shape before restarting operations.
Every country and government should accept the idea of massive tax cuts because no one can afford it right now, especially since most establishments, businesses, and factories worldwide don’t have a steady revenue stream. So, government officials and tax regulators should be more understanding, accepting the fact that imposing the old tax plans on any business during this transition phase isn’t the best idea. Significant time will have to pass and the economy will have to be rejuvenated and back to normal again before higher taxes can be implemented.
Governments need to help the working poor more than the rich during a crisis. They need to increase people’s take-home pay and provide social programs. Moreover, tax cuts are the key to boosting business demand because their after-tax cash flow will be increased, expanding activities and dividends will be paid easily, and people will have better job opportunities while businesses have more options for better and more attractive investing plans. All of this is possible if governments impose considerable tax cuts.
Rolling Out Economic Rescue Packages
Governments worldwide should start assisting businesses by rolling out the economic rescue packages that will save each business a lot of expense when reopening. The measures here are purely for the sake of lending money to each business to boost their efficiency. Also, it helps them support their employees and workers, allowing them to give out proper salaries for each person involved. There is no doubt that a lot of people got laid off and lost their jobs because of the negative outcome of the Coronavirus. So, these rescue packages will give businesses and factories the proper funding to make their workers and employees financially stable again and supplement them as they prepare to come back to work.
Influence from the World’s Billionaires
The world’s billionaires and business investors need to continue their appreciated contribution to a more prosperous economy. This will go perfectly with the rescue packages because that means more funding for businesses and higher chances for investments. This will give countries a fighting chance to revive their economies and pursue the growth that the world sorely needs after the events of the COVID-19 pandemic.
Avoid High-Carbon Investments
With stimulus and rescue packages rolling out, countries shouldn’t focus too quickly on high-carbon investments like coal plants and automobile manufacturing. Coronavirus already has a high negative impact on our respiratory system, and having more air pollution too quickly when countries are in the early stages of reviving the economy could have dire ramifications on the people. Countries should focus on low-carbon developments and investments, focusing on accelerating the shift to affordable energy sources that are clean and that will bring long-term economic benefits. Businesses can still run and make trades overseas but with the right type of energy sources. Countries can achieve a decent GDP growth rate if they start focusing on pursuing climate-resilient growth and low-carbon developments. It will keep people healthy and safe and won’t increase their chances of respiratory illnesses.
Prioritize the Sectors That Have The Most Value
One of the best ways to revive the economy is to prioritize the sectors that can help achieve this revival. The focus will need to be on starting up schools and nurseries again because the parents can’t work if their kids aren’t safe and taken care of in schools and childcare facilities. This would be extremely wise because if you want to revive the economy, then you need the people to feel at ease and calm that their children are safe and not alone at home.
The best sectors to focus on are the freight businesses, import and export sectors, and other trading companies because that will promote international trade, and that will bring in more goods and raw materials. This will lead to more money, which will boost the economy, especially to the countries that used to rely heavily on their trades with their overseas business partners.
Safety Measures and Precautions
When the government and health care officials suggest that it’s safe and time to go out to the world again, each country will need to implement safety measures and precautions to avoid another outbreak or mass spread of the virus again. Returning to normal life will require educating the people to make sure each person exercises caution and still wears protective gear, gloves, and masks, as needed. It will also require reminders that people should not touch their faces and to wash their hands frequently.
Each industry will need special types of packaging to ensure safety for both the worker and the customer. Each sector and business will need special health kits that can be used to check on each employee before they start working to make sure they aren’t actively spreading the virus. There is no room to be sloppy or careless, and if countries are planning to survive this pandemic, then they need to make sure all precautions are taken. These simple steps can lead to being big improvements in the outcome of the economy.
Do Not Promote Mass Gatherings
Even though it’s difficult to resist, countries shouldn’t promote or allow mass gatherings yet. This includes concerts, bars, sporting events, festivals, ceremonies, and clubbing events. Each country will need the government’s assistance to ease restrictions and slowly get people safely back to work, depending on the situation. Returning to a more normal, safe social interaction will require a lot of coordination and planning. Cooperation from citizens is a must, but it’s for a good cause because it will prevent the events of the Coronavirus from repeating itself.
Tourism Should Stay On Hold
Even though tourism is one of the best sectors to rebuild a country’s economy, this is not the time to risk it because the level of transmission of infection can increase tremendously. The best course of action for each country is to focus on its safety and the safety of other people. Countries shouldn’t rush to open up airlines and travel agencies to let people book resorts and get travel packages just yet. Travel should be eased into slowly and airports, docks, the port of calls, train stations, and bus stops, should have special procedures and steps involved that can scan each person coming in for any symptoms and high body temperatures. This will help prevent any outbreaks from happening again. So, rushing into tourism shouldn’t happen, especially during the early stages of rebuilding an economy.
More Focus on Building Infrastructures
Countries should focus on building infrastructure for more job opportunities and better economic growth. Many companies had to lay off their employees because they weren’t getting enough income to pay salaries during the events of this global pandemic. This will likely not change just yet, so having people stay at home longer isn’t good for the economy. Countries need to provide financial support to meet the high demand of people looking for jobs. In the past, previous economic problems required federal reserves to cut interest rates close to zero, but that was when the problem was the credit crisis. The COVID-19 crisis is different, and countries should focus on the high unemployment rates by having more infrastructure for better job opportunities.
Tree Restoration and Reforestation
Countries also need to focus on restoring trees and reforestation, especially since the Coronavirus targets our respiratory system, and we need cleaner air. Less air pollution and carbon dioxide mean healthier lungs and potentially a faster overall recovery from this pandemic. With most people staying at home, there hasn’t been a lot of people maintaining landscapes and trees. So, restoration plans will be needed. These plans will help the economy because they can give people job opportunities, and that translates to economic growth. The unemployment rate is already high, and the demand for jobs and steady income is sorely needed after the COVID-19 events. So, the job creation potential for reforestation is extremely high. Many people will get jobs and countries will do their part to save the economy and the ecosystem, keeping people healthy and safe while increasing economic growth at the same time.
More Funding For the Private Sectors
Even though the technological private sector is beyond the influence of any country’s government, it will need funding to boost the economy and bring in more contracts and business for the country. Technological advancements are the future, and every country needs technological innovations that can boost productivity, increase investments, and strengthen the economy. This will need the aid of big businessmen and investors to chip in and help the private sectors as well as the health care and research sectors. If these sectors have better technology and funding, the experts can find a way to combat the effects of the Coronavirus much quicker. As fewer people get sick and more people to become immune to the virus it will lead to better outcomes for the economy. If citizens are healthy, and COVID-19 cases are reduced, and safety looms across numerous countries, then that means more investments and infrastructure plans. All of this can help save the economy, and it’s possible with helpful technological advancements.
Even though we’re living in tough times nowadays, we shouldn’t give up hope, and we should strive to be better for the sake of our survival. With the right set of plans in place and properly implemented, we can hope to see a brighter future ahead for the world’s economy. We can weather this storm and stay strong amidst the negative impact of the Coronavirus outbreak. We need to make sure that we revive the economies correctly, and we should learn from the past to understand how we managed to get back to normal after the different negative events and recessions worldwide. Mankind will prevail, and we can get through this if we plan everything correctly and join forces to work together to help each other.