We all know that this global pandemic has turned the world upside down. Just like it has affected everything around us, it has affected the political economy.
Months of lockdown have resulted in isolating individuals from each other and the discontinuation of businesses which has ultimately caused unemployment issues for workforces all around the world. It also has become important to consider the political economy since the global prosperity is being influenced by it.
But now the subject has been taken into consideration that once we come out of this undesirable situation, the world will not remain the same as it used to be. Therefore, it will also permanently change the economic affairs. It further highlights the belief that for making policies not only economic analysis is necessary but it also has an effect on social and political non-financial forces. It also stimulates us to think about how will the economy and mankind accommodate after the pandemic ends.
However, there are three possibilities that can influence the COVID-19 after effects. First, it will bring focus on those issues that are mostly ignored in the usual circumstances. Hence, some specific developments are expected to be made in those overlooked areas. Lastly, there can be a possibility that the political and economic equilibrium will be shifted from developed countries to developing countries.
It is certainly difficult to make a policy and to reach out to the population well. This very thing is in much consideration these days as to how we can deal with this turning point. It is a topic of discussion that how to execute the policy that will be responsible to reach all parts of the population.
The unwanted pandemic situation requires financial experts and other people to ponder over the issue as to how the world will behave and function after COVID-19 and what can we do about it to have things sustainable.