Future of Post Covid World: Investments To Be The Game-Changer

• The World Bank Group deployed over $157 billion to fight the Covid-19 pandemic’s health, economic, and social impacts over the last 15 months. 
• South Asian countries, as one of the worst-affected regions, are particularly vulnerable due to weak public healthcare infrastructure and widening economic disparities. 
• The changing world needs to lay a better foundation for combating poverty and inequality.
• International relations should pay attention to shifting developmental goals.

The world is assured to see a reset as the unprecedented public health crisis, and operational disruptions caused by Covid-19 have broken the myth of ‘old normal,’ the ‘new normal’ calls for accommodative policies and inclusive goals under an alternative development paradigm, reports Financial Express.

Influence of Covid-19

Covid-19 has generated an unprecedented catastrophe and altered the course of history by recognizing its source, severity, and counter-response. The operational interruptions, restricted mobility, and ominous insecure future will undoubtedly change how globalization, international trade, intergovernmental collaboration, and cross-border migration are pursued.

Braving the New World

A global consensus is needed for revitalizing the United Nations (UN) and international financial institutions such as the World Bank and regional development banks like Asian Development Bank (ADB). The UN’s role is still critically important in creating a common platform for finding a broad-based approach to strategize the economic rebounding process.

The World Bank Group deployed over $157 billion to fight the pandemic’s health, economic, and social impacts over the last 15 months. This is the most significant crisis response of any such period in the Bank Group’s history.

 A whole-of-the-society, governmental and global approach motivated from compassion and solidarity will be needed to emerge from this crisis, the United Nations response to Covid-19 is mainly well-intentioned. Following its late institutional crisis response, the UN is correcting the medium and lower-income nations by means of the socio-economic response and rebound plan.

Extending a Helping Hand

With the world resetting, it’s critical to identify a few main challenges, particularly from the Middle-Income Countries (MIC) and Least Developed Countries (LDCs) (LDC). Governments, central banks, and other stakeholders must provide prompt assistance to affected families, migrants, workers, youth, children, women, and Micro, Small, and Medium Enterprises (MSMEs).

Resource mobilization should be targeted in light of the degree of damage. Relief measures should be oriented relatively and squarely to function on the ground and aid potential recipients, rather than being driven by tokenism.

Economic Cooperation in South Asia

South Asian countries, as one of the worst-affected regions, are particularly vulnerable due to vaccination uncertainty, weak public healthcare infrastructure, and widening economic disparities.

“In South Asia, new waves of infections prompt a lower growth forecast of 8.9% for 2021, followed by growth at 7.0% in 2022. India’s 2021 growth projection is downgraded from 11.0% in April to 10.0%, followed by 7.5% growth in 2022,” according to the Asian Development Bank (ADB) Economic Forecasts.

India’s growth forecast for 2021 has been lowered from 11.0 percent in April to 10.0 percent, with 7.5 percent growth in 2022.”

India’s development cooperation with Nepal, which aims to improve infrastructure, connectivity, and rehabilitation, is an example of infrastructural investment. India’s Development Partnership Administration (DPA) and Ministry of External Affairs (MEA) make essential contributions to the development of weaker economies, demonstrating India’s commitment to global peaceful coexistence.

Quest for a new development paradigm

The changing world needs to lay a better foundation for combating poverty and inequality and establishing sustainability as the driving force behind business and social activity. While imagining a world after pandemics and facing some of the glaring temporary obstacles, an open attitude to embrace a sustainable, inclusive development framework is quite important. 

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