Economic Implications Before and After the Covid-19 Pandemic Progressing Towards a ‘New Normal’

Abstract

The aim of this study is to understand the economic implications before and during the COVID-19 pandemic to facilitate progression towards a ‘new normal’ society post-pandemic. There is a focus on the Indian economy. The COVID-19 pandemic has created a grave impact on the economy affecting employment systems, where many learned youths have lost their jobs. Education systems have been faced with closures of institutions and decreased funding. Financial Markets have been affected with a negative growth rate in GDP, external trade, the political system, Indian cooperate companies, the agricultural sector, the elderly people in society, women and migrate laborers who have endured the ‘black march’ walking from Southern India to Northern India have all be affected. During the pandemic there has been enormous disruption to society, many disparities have been highlighted and immense economic loss. There have been effects on economic developments, civilization, and human direction. It is paramount to learn from the past pandemics, forming a restructured and sustainable future that society can call ‘normal’. Hence the pandemic has provided an opportunity to create and employ new strategies to aid future economic development by preventing past mistakes. The increase in global digital economy will facilitate informed decisions to be made during COVID-19, and aid towards rebuilding the economy, promoting growth and prosperity in a safe way. It will also enable countries globally to together with resilience to create a ‘new normal’ society.