COVID19 aftermath: 50% of Global Workforce likely to be impacted

My 3 actions for a better life in a post COVID19 world

The morning horrors

Pick up your morning newspaper for a daily dose of bloodbath — from the rising COVID19 toll to the layoffs and furloughs announced left, right and center. There is very little coming through in terms of positive news or even hope.

As much as I want to tell people around me that things will get better soon, the worst is behind us and the sun is about to rise, I stop myself from doing so nowadays. 

Why? I feel that is not going to serve anyone well. 

Things may get much worse before they start to get better, worst may well be ahead of us and the sun may have just set on a glorious growth decade.  

The humanitarian and economic crisis this pandemic is going to leave behind will take a long time to wrap our hearts, mind and hands around. Let us accept that none of us know how this will truly turn out for all of us.

Word from the statisticians

  • IMF’s revised global GDP estimates have swung from 3.3% global GDP growth to 3% contraction (if you notice that 6.3% drop in global GDP in 3 months). 
  • Markets are down anywhere between 35-45%, depending upon which day you chose to peep in. 
  • A conservative statistic (by WTO) puts the economic activity impact at a 13-32% drop for 2020. The estimates of an economic revival in 2021 are dodgy and some may term them as laughable. 

Here is what makes all of this real for the world — basis data coming in through April end, the International Labour Organization (ILO) shared that the total global employment impact could hit 1.6 billion – nearly half of the global workforce. That is about one in two workers getting impacted.

Can you imagine how this may unfold? 

Most indicators are pointing south, this economic crisis will make the 2008-09 crisis look like a walk in the park. Most stimulus packages seem like trying to douse an active volcano with a water hose. Good luck trying. 

COVID 19 Pandemic turns into a Humanitarian and Economic Pandemonium

What can we do?

Frankly, I do not know.

We do not have a playbook for this – yet.

Going back to basics, keeping things simple (to the extent practical) and ready reimagine our lives may be our most powerful (and only) option.

A few weeks back I shared three pledges for a better world.

Here is what I am doing and planning on doing?

  • Aggressively re-prioritize the important things in my life. 
    • Staying alive 
    • Staying healthy (physical, mental, emotional and financial)
    • Staying connected (family, friends, and community)

Basically, it costs very less to stay alive, healthy, and connected. It may require drastic and immediate life changes. And perhaps even a shotgun to Lifestyle.

  • Take strides towards a reprioritized life using the following guiding principles
    • The future SHOULD NOT be like the past. It needs to be better. 
    • I do not need to stay the course to die rich.
    • Design and activate the life that I want to live.
    • Attempt to crash that timelie to get there by 1/10th. 
    • Always, come out swinging!

If all of this does NOT wake us up. What will? In general, if I am scared, unhappy and lost during this pandemic, chances are I am just scared, unhappy and lost – the world before the pandemic was only keeping me distracted from acknowledging it.

  • Staying humble and keep a learner’s mind
    • If any of this stops making sense, make shameless U turns or side turns to what may actually work.

Like we really have a choice. We need to learn to deal with shocks and quickly surface for air with our next play. Be ready that life will be a relay of such shocks and pivots. Get comfortable with this dynamic. Get comfortable learning every day.

Most importantly

Things will get better in the future, the best may be ahead of us and the sun will rise and shine like it has never shined before. And that my friends is a reality we all can collectively co-create.

Live long and prosper!

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