How quick will post-pandemic economic recoveries likely be?

Time and again, I emphasize to employees that we must rise from the current fear syndrome. Amidst the COVID-19 crisis, there are looming uncertainties, but we must not sulk and instead for awaiting opportunities.

I don't recollect if there has even been such a great prospect in recent history as a post-COVID-19 era offers. We cannot afford to wait to markets to recover but have to wade through the pessimistic mindset to carve out ways to capitalize. It is for all - not just governments, corporate houses or small businesses.

Indeed, the toll from COVID-19 has been disastrous and led to an indelible impact on the economy, businesses, personal finances, and, above all, on government budgets. But it has also strengthened the resolve of people – and entities - to rise above.

Switch to positive mode

We have got to see the silver linings and start to prepare for this new world to evolve. It is time for corporate leaderships to prove their mettle. People have to read between the lines to see what possible good news is in the offing and keep moving away from negativity.

To revitalize economies, governments have to open up their economies further to boost growth. Imagine if economies have shrunk by 25-30 per cent, these need the time and space to go back to their normal levels.

It is expected that most economies would get a significant boost in government spending, as well as from private capital to follow. It is no misnomer that government funding and private sector boost will create jobs and reasonable buoyancy.

Time to recoup

If governments have given trillions to support COVID-19 emergency measures, these now also need to bring in those trillions back to instill growth.

Businesses also have learnt their lessons on resilience, and in their new transformative modes, they are likely to spur growth and robustness. This means new jobs, while additional corporate activism will translate into higher consumer spending, savings and banking support in terms of credit offtake.

After nine months of turbulence, corporates with their linear strategies and shaved headcounts are bound to march ahead to deliver better results. New technologies and workplace transformation will mean many more significant avenues for all. And a new wave of consumerism and international travel will surely provide higher growth prospects.

Past will be a guide

History foretells us that in most post-war periods, people were quick to bounce back from doom and gloom to rebuild. In the current context, we are in a resilient mode to fight back with transformative ways and powered by technology.

Be it personal or at the workplace, there is a changed perspective for the better. All must act proactively to apply learnings from the past and tread cautiously to spur future growth…

- Tariq Chauhan is CEO of EFS, the facilities management service provider.