Coronavirus pandemic is a world-shattering event whose far-ranging consequences we can only begin to imagine today. Will our world be less open, prosperous and free? Are the political and economic balance going to shift? Are the technology and the way we communicate going to become more prevalent? There are a lot of unknows and many questions without answer.
We are still in the early days; however some things are becoming apparent. This is not yet the end of an interconnected world. The pandemic itself is proof of our interdependence, but lockdown is putting pressure on the global economy and we do live under the threat of a serious recession.
The UAE government has acted exemplary to contain and prevent the spread of COVID-19 across the nation. Early measurements have helped the country to report a smaller number of cases and deaths and more than 200 billion dirhams were poured into the economy to support struggling businesses. The whole country came together and stood united to support the government in its efforts.
But what will happen in the aftershock of the current events? I do believe that the economy will recover, but it will not happen over night, we have to patient. While the number of job losses and company failures remains uncertain, countries around the world including the UAE will have to deal with an economic fallout which we, as business owners already feel. As economically damaging as the pandemic will no doubt be, I am hopeful that UAE will see a path forward.
As we see now, businesses continue to operate during lockdown, but it severely limits their ability to plan, react to market changes, hire employees, or just have any of the flexibility that is essential to succeed. The old saying goes, hope for the best but prepare for the worst. Without being alarmist, I think that now it’s a great time for companies to reevaluate, retain and rebuild their relationship with clients and forge new strategies in order to survive.