Chapter 6

Conclusions and Recommendations

The epidemic caused the worst economic downturn in much more than a century and
sent reverberations through the entire global economy. The recession caused a sharp
rise in disparities including across the nations. According to early indications, the
economic expansion from the disaster would be unequal, taking far longer for
developing markets and financially marginalized communities to make up for
financial and employment shortages brought on by the epidemic.

Contrary to several prior calamities, the outbreak's start was accompanied by a

significant, forceful public finance reaction that, for the most part, was effective in
minimizing its severe human consequences in the immediate term. Nonetheless, the
crisis reaction also produced new dangers that, if they weren't resolved swiftly, might
jeopardize a fair recovery from the recession, including drastically higher rates of
corporate and government borrowing in the world's marketplace.

6.1. Economic Reactions to COVID-19

6.1.1. Increasing Disparities among Nations

The outbreak's repercussions on the economy were especially devastating in growing

economies, where the income losses it produced exposed and exacerbated some latent
economic inadequacies. It became evident that many people and businesses were
unprepared to absorb an economic catastrophe of that magnitude and duration as the
epidemic played out in 2020. According to assessments based on statistics, more than
50 percent of the total families in both emerging and advanced countries, for instance,
would not be able to continue basic expenditure for beyond 3 months in the case of
economic damage. In a related vein, the typical company's financial assets can only
sustain less than 55 days of expenditures. Before the financial crisis, a large number
of people and businesses in emerging nations had already been saddled with
unmanageable borrowing costs, and many had difficulty making payments after the
crisis and related human health interventions caused a rapid decrease in incomes and
economic turnover. Worldwide inequality and hunger were significantly impacted by
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the catastrophe. For the very first time in decades, impoverishment grew on a global
basis, and the disparate loss of resources suffered by marginalized groups resulted in a
sharp rise in disparity within and across nations. Statistics from the poll show that in
2020, people with only an elementary education were more likely to experience
interim unemployment in 70percent of all nations. Younger people, women, self-
employed people, and contract workers with less secondary qualifications also
experienced greater financial losses. Since they were more likely to work in industries
that were more impacted by the shutdown and social distancing efforts, women were
severely impacted by income and job reductions. Industries share common trends.
Monetary deficits resulting from the epidemic have been more substantially felt by
small organizations, unofficial businesses, and organizations with little access to
institutional credit. During the financial crisis, bigger companies could pay bills for a
maximum of 65 days, as opposed to 59 days for medium-sized companies, 53 days for
small firms, and 50 days for micro-entrepreneurs. Additionally, micro, small, and
medium-sized businesses are strongly represented in the industry’s most heavily
impacted by the downturn, including retailing, consumer expenses, and food and
housing services.

6.1.2. The Crisis's Immediate Responses from the Governments

Governmental reactions to the outbreak in the immediate term were incredibly quick
and comprehensive. Various policies were adopted by authorities which were either
completely novel or had never before been applied to this degree in growing
economies. Large-scale direct social grants programs, loan moratoria, and central
bank investment initiatives are a few instances. Due in part to their restricted ability to
access credit markets and substantial levels of public debt before the catastrophe,
many low-income nations struggled to raise funds, which resulted in a broad range in
the magnitude and breadth of these programs. Because of this, the budgetary reaction
to the recession as a proportion of gross domestic product (GDP) was virtually always
substantial in high-income countries while being consistently negligible or absent in
developed nations. The budgetary responses differed significantly in
underdeveloped nations, illustrating dramatic disparities in the capability and
readiness of government agencies to fund assistance initiatives.

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As a result of resource limitations and the specific features of the dangers that each
nation experienced, the combinations of strategies selected to address the short-term
effects varied greatly among nations. Authorities and central banks used a record
number of interim financial assistance measures, such as debt curtailments for people
and enterprises, in addition to immediate revenue benefit programs. Even though
these programs helped both companies and individuals with their short-term financial
instability, they also had the unfortunate consequence of hiding lenders' true financial
situations, which led to the development of a new issue: a lack of openness regarding
the true scope of default risk in the economic system. Even though the extensive
response to the crisis was essential and successful in reducing the worst effects of the
crisis, it also resulted in a worldwide rise in government debt, which increased
worries about the viability of loans and widened the gap between emergent and
mature countries. In 2020, the evaluation of a nation's trustworthiness for its
government borrowing was downgraded for 51 nations, including 44 advanced
economies.

6.1.3. Growing Dangers to a Fair Recovery

Even though the revenue losses brought on by the global epidemic have primarily
affected households, the resultant liquidity risk has had an impact on the entire
economic system through networks that link the budgetary well-being of individuals,
business owners, financial companies, and government agencies. Due to this
interconnectivity, a greater financial vulnerability in one segment can have negative
ripple effects and destabilize the entire economic system. For instance, the finance
sector has a greater threat of delayed payment, therefore, is less able to extend
financing if families and businesses are experiencing economic burden. Similarly, in
the private market, the governmental sector's capacity to sustain the economy as a
whole is compromised if its financial situation worsens (for instance, as a
consequence of increasing government borrowing and declining tax collection).

But there is no predefined nature to this interaction. Effective financial, budgetary,

and financial system strategies can mitigate these interconnected dangers and aid in
converting the negative feedback loops that exist between distinct economic sectors
into positive ones. The strategy that focuses on the connections between the economic
health of people, enterprises, and the monetary sector is one example of policies that

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might make a significant effect. For instance, several governments used transfer
payments and economic regulatory frameworks like loan prohibitions to assist
individuals and companies in reaction to the initial shutdowns and mobility cessation.
These initiatives gave consumers and small companies the support they urgently
required and prevented a wave of bankruptcies that may have challenged the financial
system's viability.

Similar to how financial firms were helped, authorities, national banks, and
authorities utilized a wide range of policy instruments to stop threats from spreading
to other sectors of the economy. Financial institutions decreased the rate of interest
and loosened liquidity restrictions, facilitating financial firms' and nonbank
microfinance sector's ability to refinance themselves and continue to provide credit to
individuals and companies. To guarantee that authorities maintain their capacity to
successfully assist the recovery, the response to the crisis will also be required to
include measures that mitigate the dangers brought on by a high level of public debt.
Due to the government's reduced capacity for investing in social security nets that can
mitigate the effects of the crisis on poverty and disparities and assist households and
corporations in the case of difficulties throughout the revival, this is a critical policy
goal. Agile and strong new companies would be capable of taking advantage of their
corporate entrepreneurship post-COVID environment and finding chances in the
worldwide turmoil that the epidemic has generated (Zahra, 2020). The value of a
company's dynamic capacities to combine assets in recognizing new business
opportunities has been further increased in a context of high risk and uncertainty
(Battisti&Deakins, 2017). The importance of DCs and persistence (Bergami et al.,
2021) distinguishes small enterprises and innovators' long-term achievement and
failure as well as the pace at which they can grow (Zahra et al., 2020).

6.1.4. Elevated Inflation

Prices have reached historic highs in both emerging and developed economies.
International impediments like high commodity prices, world logistical constraints,
supplier-side constraints, and pricing of industrial supplies will affect India's progress.

These external influences are reflected in the Wholesale Price Index (WPI)-
based hyperinflation, which reached a historic level of 14.32 percent in 2021. The

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annual inflation rate measured by the Consumer Prices Index (CPI) increased to 4.91
percent in November. But the large difference between both WPI and CPI shows
wholesale pressure on prices, which are likely to be transferred to the retail stage in
the months ahead. Because of an increase in input prices, numerous businesses,
notably those in the consumer products industry, have raised the price of their goods.
Inflationary pressures will probably affect consumer prices in the upcoming months.
In early 2022, specific laws created supply-side interruptions that exacerbated rising
prices. Inflation may moderate during the year as supply shortages abate and
consumption returns to normal. CPI inflation is predicted to be 5.7percent in the Jan-
march quarter, according to the RBI. The expected inflation rate for the first six
months of the following financial year is 5%.

6.1.5. Changing Interest Rates

To lessen the suffering brought on by the epidemic, the RBI has started to normalize
the loosening of financial regulation that it implemented in March 2020. Although the
RBI recently raised the repository and reverse repo rates, regulatory normalization
may fluctuate through some other mechanisms including the government's sale of
assets and variable rate reverse repo tenders. These moves caused volatility to be
absorbed, which brought short-term prices closer to 4%. In the months ahead, short-
term prices are anticipated to increase even further as the RBI continues to normalize
policy in the face of high prices. Long-term borrowing costs are at increased rates due
to rising inflationary pressures and US bond rates.

6.1.6. NPA Expansion in the Banking Industry

Financial Stability Analysis from the RBI stated that banks had held up well during
the outbreak, protected by government assistance. In September 2021, the proportion
of existing loans across banks reached a 6 low of 6.9%. Additionally, banks' equity
situation has significantly improved. The asset values of banks could see stress with
the withdrawal of policy support, though. Rising stress indicators can be seen in the
sections of private loans, and micro, small, and medium-sized businesses.
According to the study's benchmark assumption, NPAs will increase to above
8 percent by Sept. New debts are anticipated to increase more rapidly in
regional banks. They might also need more funds to cope with the new stress that

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particular debtor groups are experiencing. Banks might become more reluctant
borrowers as a result.
In other words, major banks, such as the RBI, may raise their interest rates as
both GDP and prices rise, which would cause turbulence in the financial system. It is
anticipated that 2022 would provide both optimism and prudence.

6.2. Indian Govt.’s Steps to Ease the Economy

The rates of unemployment in India rose sharply after the lockout, from 8.7percent in
March to 23.52 percent in April 2020. Over 45percent of households had a decrease in
revenue as a result, and it is predicted that 140 million people lost their jobs as a
consequence. As a result of the resumption of businesses and other commercial
ventures after May, the rate of unemployment began to drop once more and was
nearly back to pre-COVID-19 levels. Relief initiatives were issued in a variety of
ways, including through the central bank or already-existing programs, but given how
long the lockdown lasted, their societal impact was rather small. By permitting
businesses to make late repayments, the RBI; the country's central bank) lessened the
pressure of loan obligations. Plans were started to help vulnerable families by giving
them money and necessities. Four installments of a stimulus program for small
farmers and entrepreneurs were revealed.

Fig 6.1. Rate of Unemployment

The threat to India's economic and financial revival increased as the infection got
worse over time and there were a lot more cases. Once the tsunami waves subsided,

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the Indian economy began to recover again. Since then, it has continued to expand
more quickly than other nations with comparable amounts of per capita income. The
government income recovery becomes less robust, and catastrophic negative
prospects may necessitate increased deficit policy. The initial waves of infections and
accompanying lockdown procedures have a significant negative impact on
commodities and the automotive industry. In the 2nd quarter of 2021, it saw a robust
recovery. It is doubtful that there will be another substantial price decrease like there
was in 2020 due to the global economic recovery. When restrictions are loosened, as
was the case in 2020, the repressed demands in the automotive industry are
anticipated to propel a robust recovery. The 2nd phase of the outbreak has put Indian
infrastructure's robust recovery at risk. Customers will continue to make money even
as they try to maximize their utilities because of controlled returns, stable pricing, and
a speedy recovery in consumption. Airlines are especially in danger because the
resumption of foreign traffic will probably take one more year. If the government
expands the degree and severity of the limitations on movement, this can obstruct a
strong domestic recovery. After a devastating 2020, a robust recovery is required.
After a devastating 2020, a robust recovery is required. The state legislatures
implemented stringent lockdown steps as the epidemic got worse, which stopped the
economy's fledgling recovery in its path.

Reductions serve as a reminder to not assume that the economic recovery is

secure. The delayed rate of immunizations will probably hinder India's economic
growth. Several industries in India have had a strong comeback, especially in the final
quarter of fiscal 2021. Local air transportation shuts down and tepid foreign travel has
stymied airport rehabilitation. Small to medium-sized businesses have been
particularly hard hit by the COVID wave. It has postponed the banks' asset quality
recovery. The movement has decreased to 50–60percent of what it normally is.
Individuals are spending less because they are staying in more.

Late in the year, the restoration will start to take hold. The beginnings of
India's improving economy in March strengthened tax collections.

The majority of infrastructure, including sewage, drainage, reservoirs, and

coal and gas divisions, will be recovered through cash flows from operations. Prior to
improving to 1.8percent in 2023, credit losses will stay high in the financial year 2022

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at 2.2 percent of all liabilities. The load on the institutions has decreased as a result of
India's robust improving economy and the measures taken by the national and state
governments to decrease the consequences of the economic downturn. Bankers have
also acquired cash to improve their accounting records. This will lessen the impact of
losses related to COVID. The financial services sector's loans and "credit/debit" loans
may be impacted by the weak consumer demand coupled with widespread lost jobs
and payment reductions in private employment. The reduced rate of recovery of the
bank's non-performing accounts goes hand in hand with this. This might cause an
increase in riskier loans.

The regions and the central must cooperate under their "operative federation"
program to expand the vaccination push if India is to move away from different paths
for prolonged and sustainable socioeconomic development.

The government prioritized lives over employment the year before. Covid 1.0
was deferred in Sept and its potency was significantly less than expected because it
was decided to safeguard the former. The administration won a victory over COVID-
19 in Jan 2021. State instances that are causing lockdowns to be extended further and
therefore slowing the progress of economic growth are the first challenge to it. The
2nd danger is the rise in vaccination drive brought on by the supply of vaccines. There
is a risk that infections will impair our overall economy if a significant section of our
labor market is not immunized. The prevalence of Covid-19 over the planet makes it
clear.

6.3 Framework

The research work not only examined the effects of multiple factors but also proposed
a strategy to stop this COVID-19 epidemic. The government has implemented the
following mechanisms, which are listed in this regard:

6.3.1 Community Interventions

Investigating the impact of legislative and technical developments is essential for any
nation to make a full recovery from the pandemic's consequences.

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Table 6.1 Government Interventions listed in India

The schools planned to begin web-based learning in March and April by developing
online content and renovating their information and technology infrastructure. The
purpose of operating liquor stores during phase three was to restock state coffers
through an excise tax on alcoholic beverages, which accounts for 10 percent to 15
percent of their taxation. Certain economic operations resumed, indicating a delayed
lockdown departure approach. As the rate of illness spread differed between states,
Phase 4 saw the state level assume control for unlocking policy.

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Table 6.2. Economic Interventions: Cost to society of COVID-19-related

fatalities

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Since the beginning of the outbreak, consecutive shutdown periods have had a
negative effect on the Indian economy.

Table 6.3 The Indian government's introduction of economic aid measures

⁎Type: Medium – mandated by law (no punishment); Minimal – advisory; Significant

– mandated by law (punishable).

⁎⁎ Repo rate is the interest rate at which the RBI provides loans to commercial banks
when there is a funding gap.

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The bulk of the active pharmaceutical components used by India's pharma industry,
which is the third-largest in the world in terms of quantity, are from China. The viral
breakout in China has an impact on this supply. To insure an uninterrupted
distribution network for the country during the preliminary lockdown phases, Indian
exporting was forbidden or limited. However, healthcare exports started to reopen in
July as a result of a significant increase in domestic production capabilities.

6.3.2. Technical developments

India is one of the biggest vaccine producers around the world and it was the sixth
nation to identify the COVID-19-causing SARS-CoV-2 virus variant. In terms of a
surplus of a vaccine at a decent cost, India could be crucial. As of August 2020, two
of the 7 Indian companies vying to create a vaccine had already vaccine candidates in
the human testing stage. India's proportion of recovered COVID-19 occurrences,
shown in Fig. 6.2, was 70 percent around 12 August, exceeding the median (69%) of
the top 5 nations (by the overall number of COVID-19 cases reported). In real
numbers, this amounted to even more than 1.6 million recovered cases. This served as
proof of how effectively technical advancements were used in the context of
shutdown procedures. Additionally, the treatment system was given a boost by
scientific advances, such as the transformation of postoperative plasma medication, in
which blood from patients who have survived COVID-19 is provided to additional
afflicted people to aid in their recovery.

Figure 6.2. Comparing India’s COVID-19 recovery rate to those of the top
five affected regions (2020)

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Table 6.4. Amendments in medical export policy

⁎Type: Medium – mandated by law (no punishment); Minimal – advisory;

Significant

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Three broad categories can be drawn for technological developments based on

analyzing, tracking, and treating. Many of the technological endeavors were "major"
in nature, as can be seen in table 6.5. It was anticipated that the launch of the world's
most affordable COVID-19 testing kit in India will alter the scope and economics of
testing there. More testing per million inhabitants is possible due to cheaper test kits.
Alternative therapies and already available medications have shown promising results.
Additionally, India boosted its manufacturing capability to a million PPE
coveralls and 0.20 million N-95 masks per day, which will result in a future with
more readily available medical coveralls. Following the nationwide release of the
AarogyaSetu application for contacts monitoring, dedicated applications were
released at the provincial level to close the information gap regarding the availability
and accessibility of emergency rooms, Urgent care centers, and ventilators for
COVID-19 sufferers.

While technologies on one hand made hospitalization for COVID-19 cases

easier, programs like the introduction of telemedicine facilities for home-quarantined
cases (asymptomatic) offered an online experience for a COVID-19 medication,
easing the strain on the healthcare system.

Furthermore, the frequency of reported COVID-19 occurrences recorded from

Dharavi, Asia's largest slum in the Indian state of Maharashtra, India's financial hub,
has significantly decreased, demonstrating the effectiveness of combined legislative
and technical approaches. Both swabs and medical tests of reported incidents were
performed in this instance on the technological front, and on the legislative front, an
Interactive Disease Surveillance Program" was initiated, requiring medical
professionals to visit homes of reported incidents and test the residents as well.

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Table 6.5. Developments in technology taken in reaction to COVID-19

*Significant: a new idea; Medium: an effective application of an established

technology or therapy; Minimal: results from physical labor.

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For the financial year 2021, rating agencies have lowered India's development. A
significant portion of GDP is made up of imported and exported goods. Exports of
goods and services were down by 34.6percent and 60.28percent in March and April,
consecutively, as a result of the outbreak. In March 2020, the trade surplus decreased
to $9.76 billion, which was made worse by the significant devaluation of the rupee as
opposed to the dollar. It was anticipated that several industries, particularly those
reliant on imports like the automobile industry, would see entirely negative
development. Amid the travel restrictions, the Indian aviation sector third-largest
domestic aviation sector in the world—was on the edge of collapse. Eventually, as
domestic airlines began to resume, they slowly began to recover. The hospitality
industry was plagued by serious financial instability. The RBI cut repo rates to
revitalize the economy, boost market stability, and perhaps lower the cost of funding
for the corporate world in the midst of this fiscal unrest and a plummeting rate of
growth. Despite these advances, the increasing prevalence of COVID-19 cases raises
doubts about the economic growth capacity to rebound in the short term.

6.4. Discussion

Currently, there are a number of crucial factors to take into account while studying the
outbreak's effects on each specific country and the efficacy of efforts aimed at
preventing it. It is important to understand a country's dimensions, its inhabitants,
whose sociodemographic makeup can either facilitate or undermine any policy
measures, the quality of its prior medical system, the appropriate meaning of success
factors for the level of disease spread, and the capability to locate pertinently and
mean knowledge.
6.4.1. India's COVID-19 Situation
It is simple to understand how a catastrophe like the global epidemic would be
disastrous for the nation in terms of deaths and means of subsistence in a country like
India, which has the 2nd highest populated country in the world, the fifth-
biggest economic system, the quickest progressing economy, and one of the cheapest
medical spending per capita. Even the sincerest, huge, and unheard-of technical and
governmental initiatives would have a best-case scenario restricted capacity to deal
with the current issues. Given, the nation has thus far managed the catastrophe's
health consequences markedly better compared to many other emerging nations.

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i. Impacts on Public Health

The study revealed that major technology advancements, and efficient mitigating
measures put in place gradually by the administration, along with the structural
transformation, were responsible for India's remarkable recovery efficiency after
COVID-19. However, any early success in controlling the epidemic won't last without
ongoing, trustworthy testing and contact tracking. As an illustration, the Indian state
of Kerala, which at first led the nation's fight against the epidemic, later displayed a
marked decline in recovery rates as a result of a rebound in cases reported. They were
specially prepared to manage the epidemic due to the significant disparities in test
counts and COVID-19 trajectories throughout the Indian states. Although more
screening has been suggested as being the most effective COVID-19 option
internationally, it is essential to comprehend country-specific peculiarities regarding
how tests are conducted and how it needs to be done in order to come up with the best
answer for India. It is admirable that diagnostic kit production in India has expanded,
but it will only have an impact on the pandemic's overall spread if it keeps pace with
the daily tests performed, which depends on the accessibility of healthcare services.
Once more, in order to avoid delaying contact monitoring efforts, changes in COVID-
19 testing carried out to speed up national scale testing must be dependent on the
validity of outcomes

ii. Impact on the Economy

Economically speaking, the current level of financial inequality has only been made
worse by the statewide lockdown's high jobless rate, the requirement to pay for
testing, and pricey COVID-19 treatments in private healthcare, which replaced a
previous lockdown strategy centered on diseases transmitted within states. Even while
it first appears that the return to business as usual throughout the epidemic will lead to
a financial recovery, the economic modeling revealed that the average financial worth
of each COVID-19-related death in India corresponds to 7.09–7.22 times the nation's
GDP per person.

6.5 Limitations of the Study and Scope of Future Work

A comparative study of the pre-and post-COVID-19 infrastructures is lacking due to

data constraints concerning existing and upgraded structures in terms of clinics,
wards, and ventilators. Due to a lack of secondary sources, there is no evaluation of

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the rate of case fatalities dependent on co-morbidities. Additionally, the data was
restricted to the organized sector. The upcoming work might include suggestions for
potential adjustments to the overall population policy, drawing inspiration from other
nations. If at all feasible, data collected from the unofficial sphere can provide a more
accurate depiction of the problem. Future research may also use cost-implication
techniques and abatement techniques to analyze how COVID-19 will affect global
businesses. In order to combat potential pandemics, this might assist assure equivalent
resources and facilities.

6.6. Policy Implications and Recommendations

The emergence of the outbreak in India has put the nation's ability to combat an
epidemic to the test in terms of its technological capabilities, governmental initiatives,
and essential services.

The growth of the global outbreak has put a strain on each nation's ability to respond
to an epidemic regarding its policy measures, technology skills, and social
infrastructure. However, without consistent and dependable measures, any
breakthrough in combating the epidemic would not continue. A prompt and one of the
strictest lockdown procedures were seen to have the early effect of slowing the virus's
spread. Additionally, it assisted in preparing the nation's essential people assets,
advancements in technology, and medical systems. In consideration of mortality rate
and health outcomes, the COVID-19 outbreak has affected India just somewhat more
severely than several other poor nations. Nevertheless, the catastrophe has increased
the already-present chances of a global downturn, and the nation's economic epidemic
management framework has been severely hampered by the understaffed public
medical system. Overall, the outbreak has served as a wake-up call, and India is now
proactively considering adopting protracted steps to establish reactive, resilient, and
effective health services, to which PPPs and manufacturers may make substantial
benefits.

Four dimensions provide the framework within which the International Labor
Organization (ILO) has arranged its main policy themes. One foundation strengthens
another to address the enormous disaster that all nations are currently experiencing
International labor regulations give policymakers a tried-and-true guide for action that

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will support an inclusive, long-lasting, and sustainable recovery. The foundation that
supports the four components is made up of these criteria.

Fig 6.3. Pillars

The difference between current predictions and before predictions, which is a

benchmark for the forgone GDP, can be used to calculate the economic impact of the
outbreak. All evidence point to a meaningful effect. There may also be longer-term
effects of a protracted downturn in the economy that are harder to measure but could
have a big impact. After the economy has stabilized to some degree, bankrupt
companies will no longer contribute to revenue and may interfere with the supply
chain operations of companies that are still in business. In terms of employees, those
who are jobless risk losing valuable skills and long-standing connections with
businesses, which will cost money and require a long time to rebuild. In turn,
hardships and morale issues could affect labor productivity. The very first step in
combating this epidemic is for individual companies to put plans and processes into
place to encourage staff and show preparedness for procurement restrictions, demand
shocks, and repercussions to business relationships by giving priority to crucial
company operations. Businesses must assess their investment portfolio, estimate both

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demand and supply throughout a diverse range of scenarios, and develop appropriate
responses and alternatives for follow-up effects and/or ongoing difficulties. For the
duration of the infection, businesses in retail, financial institutions, and hospitals
should switch to online networks to run their operations. Managers need to think
about the extent and timing of more structural reforms to their business. In addition,
they should think about which partnerships between government and business are
crucial, exchange best practices, drive growth, and restore consumer confidence in
these challenging times.

To prevent prolonged difficulties, governments and central banks should put

in place support programs (longer unemployment compensation and benefits to
vulnerable populations, loan support for SMEs). It is important to handle the shock to
the labor market in each nation so that the post-COVID-19 world is not made worse.
Stimulus spending programs ought to prioritize small and medium-sized enterprises
(SMEs) (which employ the majority of the labor force in developing countries).

As a result, a lot fewer people will lose their jobs and these companies will be
better able to weather the current crisis. Above importantly, by the Coordinated
Economical Response Team on Outbreak of the European Organization's guidelines,
only global synchronized approaches and empathy will be capable of handling this
public health crisis. To put it another way, a sense of shared purpose across nations,
areas, and cities, among people is required to stop the virus' transmission, assist
patients, and mitigate the economic consequences. This necessitates a set of
fundamental measures as well as an organized, unambiguous unified strategy. To
contain COVID-19 and lessen its economic effects on nation’s worldwide, close
collaboration amongst all local stakeholders is essential. The serious problem of
ecological responsibility is brought to light by the COVID-19 outbreak. Once more, it
is instructing us on how to properly preserve the environment, which we comprise.
Because people and the ecosystem are interdependent, efforts must always be done at
both the macro and micro levels to fulfill the goals of sustainable development for the
ecosystem.

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