In the next few weeks, talks of reopening industries and commerce in all parts of the world have created uncertainties on how businesses can recover. We have never faced the shutdown of the modern global economy, much less revive it in the middle of an ongoing pandemic. Companies executives and other management-level employees have perhaps strategized on how to get back to the new norm, but none of us know with any certainty the best course of action. If Wuhan or other powerful (and progressive) Asian and European countries have confronted challenges as they reopen, how about us?
How long will it take our economy to recover? In revisiting the Great Depression, the world economy took about 5 years to recover, and over a decade for U.S. Unemployment was at its peak at 25%. In the 2008 recession, the U.S. suffered a 10% unemployment rate that and 18 months to recover. There’s not an ounce of doubt that the 2020 COVID-19 Pandemic has hit the world harder than the Great Depression and 2008 Great Recession. Just in the last 2 months when most countries ordered a lockdown, the unemployment rate in the U.S. rose to 14%. There’s no relief in sight in the nearest future.
It’s been a tough road to many businesses and its employees. With a loss of money and income from jobs, it seems far from reality that we can easily recover from the aftermath of COVD-19 devastation. As soon as businesses reopen, millions of displaced restaurants, cruise lines, large gathering events, hotels, airlines, and factory workers will be fighting each other to obtain a job. This is going to be a long road to recovery.
As the old cliché goes, “When the going gets tough, the tough gets going.” There’s no doubt that this calamity has become difficult for many people in all sorts of color, race, or religion. But, with each adversity comes a stronger character and each strong character comes the determination to beat the odds. MCVO rides the tough road with you.[/vc_column_text][/vc_column][/vc_row]
