Something normal in an abnormal year?

This week normally marks the start of the holiday season and when many of you are ticking off the last days before annual leave starts. Perhaps the holiday break will be the only somewhat “normal” aspect of an extraordinary year.

No doubt 2020- a year yet to conclude mind you -has been for many Economist Corporate Network members the most challenging of their careers. To avoid instigating heart palpitations and cold-sweat flashbacks, I will refrain from extensive mentions of the domestic, regional and global events that unfolded over the last nine-to-ten months, all of which were underscored by a once-in-a-century pandemic. Heretofore, suffice it to say, each of us has been stretched in our professional and personal lives in a manner none of us is likely to have envisaged on December 31st 2019. To be sure, the economic and social fallouts from this year will be with us for some time. It’s also clear that the current year has accelerated trends already underway and shined light on key areas of our businesses and society where deficiencies exist, as well as the imperative to address them effectively, sooner rather than later. 

However, as the current year winds down I am finding reasons to be optimistic.

Technology to the rescue

I am thankful that this year’s events unfolded in a context of technology being able to facilitate work, collaboration and learning that would not have been possible just a decade or so ago. Ironically, I’ve managed to develop and strengthen ties with my colleagues across the globe in ways that would not have been likely without the arrival of Covid-19, and the dividends of these relationship-building interactions and informal networks are likely to flow long after the virus is defeated. At Corporate Network we’ve facilitated engagements to help our members navigate these very unprecedented times, much of these was effectively facilitated via virtual platforms. While virtual sessions will remain a part of our events calendar for the foreseeable future, we’ve reinitiated in-person meetings again (see pics from our recent November 26th meeting).  

Medical Science

Some of the best minds have been applied to develop Covid-19 vaccines, and it appears a number of safe and effective vaccines to combat Covid-19 is days, if not a few short weeks, from being released in countries around the world. It will take time for enough people to be inoculated and life to return to 2019 levels of social proximity, but, nonetheless, this is a very promising development. After all, vaccine development usually takes at least seven years. 

Structural reforms

Closer to home (i.e. Africa), policy makers are taking politically difficult but necessary decisions, that while potentially bringing short-term pain bode well for the future, from liberalizing market sectors (e.g. power generation) to doubling down on efforts to capacitate and depoliticize important state institutions (e.g. the national prosecuting authority in South Africa). 

Boost for regional trade

Globalization may have been dealt an additional body blow by Covid-19, but regional leaders have embraced free trade: the Africa Continental Free Trade Agreement (AfCFTA) is set to begin in January, boosting the outlook for economic growth and opening up new market opportunities. Indeed, Corporate Network kicks off the year with an AfCFTA-focused online meeting on January 18th. Register here to attend and learn more about the trade agreement and how your organisation may benefit from it.

Closing

This is my last note for the year. I will be on holiday until early January. I am looking forward to taking a break from Zoom, reading a book or two, taking long bicycle rides, hopefully getting in a few hikes and coming back recharged and ready to continue to support Corporate Network members in the New Year. 

How ever you allocate your time over the next few weeks, may you, your loved ones and colleagues have a restful and rejuvenating holiday season. Importantly, I hope 2021 is, for each of us, a year to remember for all the right and uplifting reasons. 

Stay safe and well.