The COVID-19, Economic Package, UN system and Politics
Global pandemic of COVID-19 is affecting everyone. This has been described as the greatest global humanitarian crisis since WWII. On December 31st, 2019 cases of Pneumonia from unknown cause was first reported in the WHO Country office in China. Later, WHO declared it as the Public Health Emergency of International Concern on Jan 30th, 2020. This COVID-19 seen initially in the Wuhan, China but travelled mostly due to the advancement of air transportation globally. All major countries at the initial outbreak of COVID-19 had applied limited approach in prevention and control of this virus. As of April 3rd 2020, the number of COVID-19 cases globally is 1016,424. Among them, 53,241 were dead and 213,140 were recovered. In this entire pandemic, Italy is the worst hit from COVID-19 and has become the epicenter of the COVID-19 in Europe. The death toll is 13,915 and infected is 115242(As of April 3rd, 2020). The US along has 245, 373 cases of COVID-19 with 6095 deaths. The intervention of the US government in curbing the COVID-19 has been dysfunctional. The US government had announced $2 Trillion Economic Stimulus bill to fight against COVID-19 that include stimulus payments to individuals, expanded unemployment coverage, student loan changes, different retirement account rules. Under the plan, single Americans would receive $1200, married couples would get $2400 and parents would see $500 for each child under 17. However, the many argued that such economic package came very late as the first identified case of the COVID-19 was found in the Jan 20, 2020.
In the case of Nepal, economic relief package announced on March 29th, 2020 includes a 25% discount on electricity for consumers who use more than 150 units every month and no penalty if utility bill and tax payments are not cleared till mid-April, urging tourism sector to pay salaries for March-April to employees on the terms of tourism company are allowed to use social welfare funds until business returns to normal. Also, government had urged land lord to provide one month rent relief for its tenants.
From the above case story of the US & Italy; western government has been found inefficient in curbing the impact. However, the pandemic of the COVID-19 has so far limited in the developing world.
Impact in Nepal
The outbreak of the COVID-19 has affected economy, politics and society. All major countries are using tools of lock downs, quarantine and isolation ward in the hospital for the prevention and control of this virus. Though these measures seem effective in controlling the spread of the virus but halt in the economic activities; which is predicted to be serious. The global economy expected to grow in 2020 is 2.4% down from the 2.9% projected earlier (OECD, 2020). In Nepal also, it has affected hugely on the Tourism sectors. Nepal Tourism Year 2020 was announced just one day after the COVID-19 outbreak in China.In Nepal, sectors like Hotels, Civil Aviation, Supply Chain, Labour Employment and Remittance. Occupancy rate of major star Hotel like Annapurna hotel is just has 40-45% occupancy down from 70%. Flights in Lukla, Nepal declined from 60 to 10-12 flights per day as government decided to halt trekking permits as well as International flights entering to Nepal. Due to fear of the shortage of COVID-19, people started keeping stocks of the LPG cylinder. This has put shortage of the LPG. Around 40,000 people with valid work permit are stranded in Nepal to fly to Qatar due to lock down major by Qatar. This shows, remittance in coming days will be very limited and demand will be slow in Middle East as oil prices is falling.
There is also high chance of expecting this virus as a normal pandemic by politics which humanity has surpassed during its course of history. The global politics sometime won’t expect any change in its structure (for e.g. change of global order) until and unless there is a mass death toll comparing to World Wars. Loss in the global economy might have possibilities to be adjusted under compromising terms. Since, the US, China, European nations including India all heavy players has been heavily affected; the global economy will have slow start after post COVID-19 years but slowly takes its grip (as we saw after 2008 financial crisis). Other than, political economic spectrum; everyone will be forced to forget these tragedies as time passes on. Since, every citizen has to work for living and people are dire need of economic package rather drilling mind on the pandemic itself. There are also chances of growing populist agenda in the upcoming days in the US elections to woe lower income families who has been worst sufferer of the pandemic.
The effects of the COVID-19 in global and Nepal in particular is very hard hitting. Even the developed and most industrialized nations is doing its level best to overcome these challenges. While underlining the death toll in Italy, USA and Spain; one could seriously think of significant need of investment in health sector by the Western nations. Therefore, post-COVID-19 years have challenges for the Western nations to significantly invest on their own health system first and also to invest on the developing world health system. Secondly, Health certificate might be mandatory during Visa application process for developing world citizens for travelling to western nations. This virus proves that, we are deeply rooted into hyper inter-dependency and globalization where killing an opponent is suicidal for itself. In addition to this, there might be some changes in the border regulations of the EU for non-European nationals during post-COVID-19 days. Despite this fact, there is also potentiality of above contradiction stage.
In the case of Nepal, Tourism sectors including its sub sectors like Civil Aviation, Trekking, Foreign Labour employment has been worst sufferer during COVID-19 crisis. To overcome this crisis, Nepal government has announced its economic relief package for its public. But proper implementation of such relief package matters. As we know from the previous Earthquake Recovery fund; the inefficient management of the resource, mechanism has halted the work progress the project. So, government should have all relevant stakeholders’ dialogues to develop a comprehensive working strategy for proper implementation of this package.
In conclusion, strong economic stimulus package and its proper implementations is required to lift public from this deep cross-cutting crisis of the COVID-19. For making this reality; national level coordination with global consortium is essential to mitigate this crisis. Most significantly; UN system, World Bank, IMF, AIIB will have key role in making this COVID-19 pandemic a crisitunity.
Brick By Brick, BRICS Now a New Bridge for a New World
Measuring BRICS in single decades, in 2001, BRIC started as an acronym for Brazil, Russia, India, and China; Goldman Sachs economist Jim O’Neill claimed that by 2050 the four BRIC economies would come to dominate the global economy. So South Africa was added to BRIC in 2010. The following countries are now expressing interest in joining: Afghanistan, Algeria, Argentina, Bahrain, Bangladesh, Belarus, Egypt, Indonesia, Iran, Kazakhstan, Mexico, Nicaragua, Nigeria, Pakistan, Saudi Arabia, Senegal, Sudan, Syria, the United Arab Emirates, Thailand, Tunisia, Turkey, Uruguay, Venezuela, and Zimbabwe. Is this now the awakening of BRICS+ or BRICS power?
BRICS+ by 2030 will add dozen new members and carve new indices, and by 2040, it will lead to new intellectualism on geopolitics and socio-economies for the super complex 2050 age of smart living.
Historically, BRICS nations pushed on their people-power agenda over super-power titles. They made extreme value-creation economic models over focusing on powerful military-industrial complexes. They focused on nation-building and avoided special mandates to manage global affairs. They have been on a quest to upgrade them. They were feeding hungry mouths, as they were population rich, constantly up-skilling, and improving value creation as they were SME rich. They kept a steady watch to create multilateralism to uplift humankind.
They, too, made mistakes, as did the rest of the world
In the third decade of the third millennium, come 2020, three transformations erupted. First, futurism changed the rules on the ‘physicality of work’ and created a new imbalance with the ‘mentality of performance’; this has divided the workforce of world; the old system of over a billion commuting daily to the center of a complex maze to arrive daily at the sanctum of the company and create climate change. So now, in response, some 50% of the world’s workforce has chosen to stay away and work remotely in the surroundings of wide-open choices. Furthermore, technology uplifted micro-power-nations and exposed Western economies now stripped naked in bubble baths on slippery floors, they tippy-toe practicing conga-lines
Newly magnified economy: Behold, what microscopes exposed the magnified inner workings of the body. Similarly, the integrated networks have exposed the digital connectivity and working of millions of villages, cities, and nations with additional billions of people to interact, trade, improve grassroots prosperity and create a well-informed and opinionated citizenry. Some 100 years ago, if only 1% of the world’s population knew what was happening, today it is a dozen times more, and by 2030 double again. Why would these numbers change the global economic matrix when translated into micro-trading, micro-manufacturing, and micro-exporting? International opinion today is already strong enough to crush any national opinion of any nation still lingering under the illusion of a self-promoted victory.
When the SME sector already exists within each nation, the global markets are always hungry for good quality goods and services, and the rains of almost free digital technologies make such transformation a quick turnaround. Therefore, mindsets are critically essential; the need to define the difference between the job seeker mindset that builds the organizations and the job creator mindset that originates and creates that organization in the first place.
So what are the lessons, key features, and blueprints in sight?
Mistakes and new lessons: Last many decades, as the new world was rising, Western citizens felt like China experts, and their regular visits to local China towns restaurants in each city misguided them that Laundromat trained Chinese could only produce some chicken fried rice. Ever since the advent of the camera, the East was always projected as poor and dysfunctional; mesmerized by the media coverage during the last many decades, the West was equally convinced that India, a land of only snake charmers and fakirs, finally someday speak better English. The general perceptions about Asia, besides eating rice, if they could ever make cheaper products for the West. The rest is history, mistakes, and lessons.
After the big ding-dong nights of 2000 New Year’s Eve, today’s new story starts from the 20th chapter. Now China and India alone have created some 500 million new entrepreneurs, not by a magic pill or meta-crypto-wand but by National Mobilization of Entrepreneurialism, a slow, painful deployment of SMEs across the nation, and by creating mobilization protocols to identify, classify, and digitizing based on multiple factors from type and size to the evaluation of their “respectable” role in future communities and economic factors. This methodology was far more advanced in strategy and stern management over the globalization frenzy from the West, where sudden exporting of manufacturing of the industrial plants to kill manufacturing and destroying the middle class out of the West already declared globalization a great success.
The other mistake is to assume this is an economic or an academic study, at best, like an Oscar Slap on sleepy rotundas occupied with endless printing of money across the Western economies. Instead, this is an entrepreneurial response for the entrepreneurial nations to awaken hidden entrepreneurial talents in up-skilling SMEs and re-skilling manufacturers at national levels.
Recommendations and warnings: No airline can survive with only Flight Engineers and Frequent Flyers stuffed inside the cockpits; that space is only reserved for highly trained pilots. Henceforth, across the world, any economic development of any size, shape, or authority may find other more suitable alternate paths of occupation if they still cannot demonstrate any levels of understanding, applicable skills, or mobilization mastery on the National Mobilization of Entrepreneurialism to up-skill exporters and re-skill manufactures and uplift national SME sector as the most prominent economic contributor of the nation. Study the biggest error of economic thinking
Underestimating the hidden powers of early thinking and starting a tiny unknown SME is a mistake of mindsets; here, entrepreneurialism like a saga unfolds, like a voluminous piece of literature but demanding literacy, understanding the job seeker mindsets and the ability to differentiate with entrepreneurial job creator mindset is already winning half the battle. Study the Mindset Hypotheses
Nations failing to realize the power of the billion SME rising in Asia and still unable to declare a national agenda of national mobilization of SMEs now must acquire an understanding of the 4B Factor: a billion displaced due to the pandemic, a billion replaced due to technology, a billion misplaced in wrong jobs now a billion on starvation watch. Furthermore, this 4 billion ever digitally connected mass of people ever in the history of humankind is now the most significant force of global opinion. Notice nations are already intoxicated with joy over the popularity of their national public opinion while having just an opposite international opinion on the world stage.
Recommendation; everyone is born an entrepreneur; our system chips away at this talent. Nevertheless, 10% to 50% high potential SMEs of any nation once are identified, classified, and digitized within 100 days. The uplifting digital platforms of up-skilling exporters and re-skilling manufacturers will result in 10% to 50% quadrupling their performance, productivity, and profitability. Imagine how much-regimented efforts will activate a positive national economic revolution based on real value creation, uplifting grassroots prosperity. How soon is a nation ready for a significant change? The rest is easy.
Promoting Economic Security: Enhancing Stability and Well-being
The stability and well-being of people, communities, and countries are critically dependent on economic security. It covers a range of topics, such as access to necessities, work opportunities, stable incomes, and defense against economic shocks. The need of guaranteeing economic security has increased significantly in the modern world, which is characterized by technical developments, geopolitical shifts, and unexpected disasters. The importance of economic security is examined in this article, along with important tactics for promoting adaptability and preserving people’s quality of life.
The value of economic security to individuals, communities, and countries cannot be overstated. By fostering an atmosphere where people and families can achieve their basic needs without suffering undue stress, it promotes stability. Because of this stability, people can recuperate and start over after severe shocks like economic downturns, natural disasters, or health crises.
Furthermore, economic security contributes to social cohesion by reducing inequality and fostering inclusivity. When individuals feel economically secure, they are more likely to actively participate in society, contribute to their communities, and engage in productive endeavors. This sense of security leads to greater social harmony and a collective feeling of prosperity.
Moreover, economic security is vital for long-term sustainable development. It enables individuals and societies to invest in education, healthcare, infrastructure, and innovation. These investments drive economic growth, improve overall well-being, and create the foundation for a prosperous future. By ensuring economic security, countries can build resilient and sustainable economies that benefit their citizens and contribute to global progress.
To enhance economic security, several key strategies can be implemented. Firstly, governments and businesses should prioritize diversifying their economies by promoting sectors with growth potential and resilience. By reducing reliance on a single industry or market, countries can mitigate the impact of economic downturns and build a more robust and diversified economy.
Investing in education and skills development is another crucial strategy. Governments and organizations must focus on providing quality education, vocational training, and lifelong learning opportunities. Equipping individuals with the necessary tools and knowledge enables them to adapt to changing economic landscapes and remain competitive in the job market.
Strong social safety nets are necessary to protect people during times of economic upheaval. The most disadvantaged populations should be given priority in the design and implementation of comprehensive social welfare systems by the government. Creating a safety net for all citizens entails implementing programs for income support, healthcare coverage, and unemployment benefits.
Promoting entrepreneurship and innovation can create new opportunities for economic growth and job creation. Governments can support aspiring entrepreneurs by providing access to capital, mentorship programs, and favorable regulatory environments. Embracing technological advancements and fostering a culture of innovation further enhances economic security, particularly in an increasingly digital world.
International cooperation is essential since economic security is a global issue. Cooperation between nations is necessary to advance ethical business practices, lessen economic inequality, and improve financial stability. Initiating discourse, coordinating policy, and assisting nations in economic crises are all important functions of multilateral organizations.
Societies can improve their economic security and create a more secure and prosperous future by putting these strategies into practice: diversifying the economy, investing in education and skills, creating social safety nets, encouraging entrepreneurship and innovation, and fostering international cooperation.
Having economic security is crucial in a world that is uncertain and changing quickly. Governments, corporations, and individuals may all work together to create an environment that promotes economic security by putting a priority on stability, resilience, and inclusivity. We can create a more resilient and prosperous future for everybody through diversity, education, social safety nets, entrepreneurship, and international cooperation. By making investments in financial stability, we build a more just and sustainable world.
The Impact of Globalization on the South Asian Economy
Globalization refers to the process by which economies, societies, and cultures from different countries become integrated with one another. The economies of the countries that make up South-East Asia, which include India, Pakistan, Bangladesh, Nepal, and Sri Lanka, have been significantly impacted by the spread of globalization in recent decades. The effects of globalization on the economies of South Asian countries have been mixed, with some positive and some negative results.
Positive Impacts of Globalization on the South Asian Economy
The expansion of South-East Asia’s trade and investment opportunities is one of the aspects of globalization that has had the most positive impact on the region’s economy. Because of its large consumer base, low labor costs, and strategic location, the region has become an attractive destination for foreign investors. As a consequence of this, the level of foreign direct investment (FDI) in South Asia has significantly increased, which has led to the development of new industries and the production of new jobs.
The expansion of the service industry in Sout-East Asia can also be attributed to the effects of globalization. South Asian countries have emerged as a hub for the outsourcing of services such as information technology (IT) and business process outsourcing as a result of the emergence of new technologies and the increased availability of skilled labor (BPO). As a direct consequence of this, the area has benefited from an increase in both the number of available jobs and the amount of money it brings.
Last but not least, globalization has facilitated greater cultural interaction and integration throughout South-East Asia. The region possesses a significant cultural legacy, and the advent of globalization has made it possible for South Asian music, films, and cuisine to become popular all over the world. This has not only contributed to a greater awareness of the region’s cultural heritage, but it has also opened up new doors for the travel and hospitality industry.
Negative Impacts of Globalization on the South-East Asian Economy
Even though there have been some positive effects, there have also been some negative effects that globalization has had on the South Asian economy. The widening gap between rich and poor is one of the most pressing problems that we face today. The advantages brought about by globalization have accrued almost entirely to a relatively small number of people, which has contributed to a widening income gap. As a consequence of this, social unrest and a wider gap in incomes have emerged.
Another significant obstacle that has been presented is the displacement of workers and traditional industries. Due to the effects of globalization, many smaller businesses have been forced to shut down, and their employees have been relocated to larger companies that are more productive. As a consequence of this, there has been an increase in unemployment as well as social unrest, particularly in rural areas.
Globalization has contributed to the deterioration of the environment in South Asia. The region has seen a growth in industries such as the textile industry, both of which have had a significant impact on the environment as a result of their expansion. The population’s health and well-being have suffered as a direct result of environmental degradation, which can be traced back to the increased consumption of natural resources and the improper disposal of waste produced by industrial processes.
The economy of the South-East Asian region has been affected in both positive and negative ways by the phenomenon of globalization. While it has resulted in the growth of industries and increased cultural exchange, it has also resulted in the displacement of workers and the widening of income inequality. While it has contributed to the growth of industries and increased cultural exchange, it has also resulted in the displacement of workers. In order to address these challenges, policy interventions that foster inclusive growth, protect the environment, and create new opportunities for the population will be required. By acting in this manner, countries in South Asia will be able to take advantage of globalization’s positive aspects while mitigating some of its more damaging effects.
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