Global scenarios under crises: the case of post COVID-19 era

Abstract

PurposeCOVID-19 pandemic has significantly influenced human society; statistics have shown many countries ended 2020 with minimal or even negative economic growth. This pandemic proved that development biased to economic issues without considering other factors such as social and environmental is not sustainable, and it can even be the source of the crisis. This paper aims to discover plausible alternative futures at the macrolevel where nations, businesses and societies can change routines, and approach to a better peaceful future.Design/methodology/approachTo accomplish this, trends emerged after the COVID-19 pandemic are studied and some uncertainties are identified. At the intersections of uncertainties, scenarios are shaped based on the Global Business Network (GBN) methodology. GBN helps to draw macrolevel images about plausible futures. The main uncertainties rose from three different but interconnected natures including: approach to the globalization (social perspective), approach to the concept of value (business perspective) and approach to the governance (states/governance perspective). Each uncertainty can take two extreme alternatives; consequently, eight scenario spaces with different probability are formed by the intersection of alternatives. Then the most favorable scenario is introduced and strategies are proposed to achieve a better future.FindingsIn the current paradigm in which countries will sacrifice the environment for economic growth in the race to rapidly rebuild their economy, concerns for the post-COVID-19 will continue to mount. While, in the favorable scenario, value creation is sought in sustainable development. This means deviation from a favorable scenario to achieve short-term goals is completely predictable. Although we have learned that the COVID-19 pandemic is controllable and manageable as time goes by, but no effort or commitment has been seen in the governments to eradicate the COVID-19 sources (at least till today).Originality/valueThe main originality of this research appeared in the practical aspect. This paper analyzes and projects scenarios at the global level and studies challenges that societies, governments and businesses are facing in the modern world with biased development paradigms. Moreover, different viewpoints to deal with global crisis are assessed and criticized.