Steering through the Lockdown to Combat Virus and Save Economy

You can’t predict what will happen tomorrow! Coronavirus outbreak has strengthened my belief in this proposition. Normal life has turned into lockdown with pin-drop silence in the surroundings. However, as the infection and death stats due to virus pours in, anxiety and helplessness cripple me. The feeling of uncertainty has forced me to think that we have to fight two battles concurrently. First, contain the virus, and second, save the economy.

On the one hand, we are unsure of the period this virus will stay, and on the other hand, we are worried about the economic downturn that may emerge as this battle ends. Companies are closing down their operations, gig workers are becoming jobless, others are on the verge of losing jobs, businesses are sure of accruing loss in this fiscal year, whereas others may go bankrupt. 

Moreover, discretionary expenditure like gadgets, cars, properties has reached zero. Unprecedented in contemporary history, even people are not spending on restaurants, travel, entertainment, leisure, and other services, thus, damaging the economy from roots. This is the catastrophe that has come with this exceptional pandemic. Its aftermath is visible on Chinese, US, Italian, and Asian economies as market and asset prices are falling, and credit and financial systems are getting volatile and vulnerable. 

What can be expected more? Credit defaults, Banking crises, Massive unemployment, and Business closures. 

However, amidst the darkness, the relief comes from China as the signs of a healthy life are returning gradually. But for sure, 2020 will be a crucial period for all economies, including China and those who are still facing acute lockdowns. Their GDP will touch all-time low points but would even manage to breathe. But this is the optimistic case when we assume that countries would be able to contain the virus. 

What if coronavirus can’t be contained within time? Lockdown and physical distancing will be continued throughout summer, and the economy will recede drastically in 2020. It may take a year or two to return to the pre-virus level for developing as well as developed nations. 

I do not intend to say that this is going to happen but want to point out the worst-case scenario so that we all can take action jointly. The immediate concern is what is vital at this point in time? Can we let our economy damaged permanently?

What actions, approaches, and behaviors should we establish to save not only our lives but also the livelihoods and economy?

Etiquettes for Businesses: Every open business in the present situation should learn lessons from healthcare professionals. The strict protocols they are adopting to deal with infected or suspected must be implemented in local businesses. Every operational worker on the ground zero must be required to check for Covid-19 to rule out any possibility of infecting others. Additionally, every caregiver, health worker, banker, grocer, or any other employee must pass through the test before allowing them to work. 

Additionally, it is worth mentioning that on-demand mobile economy has experienced a sharp upsurge as far as downloads of apps and demands for emergency and essential services are concerned. Businesses are switching to agile business models by launching online services through apps to serve people who are quarantined in their homes. So, this protocol is for service providers and businesses like food delivery, grocery delivery, healthcare providers, e-learning portals, pharmacy industry, and entertainment domains that can stills serve safely by shifting to digital channels. They can still play a dominant role in fueling the economy during the crisis. 

Etiquettes for Governments: Governments are playing an instrumental role in these difficult times as this unyielding virus tests them. Unwilling to bend, governments are adopting simple to harsh measures to check its manifestation. Relief packages from governments and other spending would definitely help economies to float. Moreover, investment in research and development of vaccines and medication to combat coronavirus has been a welcoming step. From trivial to severe, governments have released rule books to be adhered to by people and institutions. 

Etiquettes for People: The most significant onus lies on our shoulders. Every effort is useless if we, as a community, fail to understand its severity and sensitivity. Undoubtedly, our fundamental rights have been ruptured; but in the absence of any proven antidote, home-quarantine is the only plausible solution available to disrupt the trajectory of the virus. It is commendable that India has taken stringent actions like law enforcement, surveillance, and a controlled movement of people. In contrast, countries like the USA and Europe are also regulating it but with a lenient approach. 

The government is enforcing compliance and expecting people to abide by them. They are continuously finding socially acceptable ways to implement these rules. Nevertheless, we need to understand that this is one of the most abrupt shocks to life as well as the global economy. I believe that by following the right etiquettes and ad-hoc interventions, it is possible to stop the virus from spreading while saving the economy from falling.

Let’s stay united as we are socially distant from each other. 

Let’s save lives and the economy.