The world is starting to be able to process the losses during COVID and plan a recovery from the current position. While the fight against the virus is continuing and is likely to remain part of the recovery plans, the economic battle out is starting. An immense amount of damage has occurred on the stock market and the broader economy. There is a rare chance that some serious growth can happen in the recovery. Many governments have announced that they are bringing up projects that had been planned to take longer times. Intergovernmental groups are also considering funding projects to try and restart the global economy. The modern world has no shortage of projects that required funding, and if some of them are done, then the potential growth may even go past what was around before COVID.
Update Cold War Infrastructure:
During the Cold War, in the United States, numerous projects were funded and built in the nation. With the view that these where needed sacrifices these national assets they were created. However, time has gone on, and these projects are starting to show the sign of their age. The highway network that powers much of the economy is run down in many places and needs serious updates. Many of the dams that were created to help with water security are also needing upgrades and restoration. As America emerges from the crisis and President Trump faces the call on what to do about the economy an update of the infrastructure of the nation could be something that will help the present along with the future.
This is not limited to the West and the United States. A large amount of Eastern Europe still runs off Soviet systems. While these were designed to last and have done a decent job since the fall of the nation, they are showing signs of the age. Updating or changing these systems can be a significant investment and can see the post soviet states finally move beyond the fall of the Soviet Union. The logistical and political networks have already changed by the hard infrastructure is increasingly not doing the job. An update now could help on the long road of recovery from the fall of the Soviet Union.
Potential In Africa:
Africa remains undeveloped. Before COVID the French and the Chinese where the only two seriously investing capital. Many of the programs that have run for African countries are likely to be reviewed. This is due to funding nations focus on domestic issues. As countries improve and want to send aid, an overall assessment of aid efforts should be paired with this. Some projects have failed and have continued to consume resources. Others have been very successful and need more resources. This could be an excellent time for the projects to be judged, and the best ones carried on with new ones launched. The overview of the impacts of the aid is not new, but as belts are tightened, it is the perfect time to start this.
Yet economic investment into the continent does not need to be aid. Many governments have managed to create attractive environments for investment and partnerships. These could help the African countries in question, along with the countries that enter these partnerships. Some new trade ties can help power the economies of the recovering nations and could also create some more prosperity on the continent.
Meaningful look at the problems with the global economy:
While the previous points have focused more on using the global economy, many people have problems with that global economy. What was believed to occur at the turn of the century has not happened. Many people feel left behind or have issues with the consequences of this economy. A serious look at what is happening and taking a moment to work out if it is doing what is needed and want could be prudent. During the lockdown, many individuals have taken an interest in ethics, spirituality and politics. This energy could be channelled into looking at the goals and outcomes.
COVID is not going to stop the next industrial revolution. Even if research projects are cancelled, and the focus changes. AI and other technologies will keep entering the markets. As many sectors are frozen, and plans are created to recover, this could be the moment for firms, individuals and governments to ask some hard questions about the future. The firms that have these discussions will avoid being the blockbuster of the future and COVID has given that pause for these discussions. While swift action is needed wasting this moment is not going to help.
The future remains uncertain. The fight against the virus continues. Geo political situations continue to change and numerous big changes where already occurring in societies. Some great things can come out of this disaster we just have to move towards them.