Now this is 2023 , and there is end of COVID-19 , and the global economy is on the way to recover, now the question is how did we made to reach on this stage???
And how did our society and economy managed to fight against the biggest crises of our era?
Let's go back to the summer of 2020, when the unchecked spread of disease alert a bleak future for businesses and communities. Critical flaws in the global economy, including underpaid key employment, an uncontrolled banking industry, and large firms that neglected investment in goodwill of rising stock prices, had been exposed by the epidemic. Governments register that both households and corporations needed assistance immediately when economies shrank. However, with the 2008 financial crisis still fresh in people's minds, the debate arose as to how governments could design bailouts so that society would gain rather than corporate profits and an unsustainable system.
It became evident that new policies were required to address climate risks, incentivize green lending, scale up financial institutions tackling social and environmental goals, and ban financial-sector activity that didn't serve a clear public purpose. This was reminiscent of the "golden age" of capitalism, the time after 1945 when Western nations directed finance toward the right parts of the economy. After approving a record €1.8 trillion recovery package in August, the European Union was the first to move in this direction. The E.U. included strong strategies for combating climate change, decreasing the digital gap, and bolstering health systems as part of the package and mandated that states receiving the funding put them into action.
The "new normal" that has been accepted throughout the world assures that public-private partnerships are motivated by the public good rather than private gain. Companies now value all stakeholders over shareholders, and economic has made room for investments in human capital, technology, and sustainability.
The people who employment in the fields of health and social care, education, public transportation, supermarkets, and delivery services are now acknowledged as being among our most valuable citizens. By putting an end to precarious employment and adequately resourcing our public institutions, we are acknowledge the people who keep our society intact and preparing our civic infrastructure for impending disasters.
We suffered greatly from the COVID-19 pandemic in terms of lost lives and destroyed livelihoods. But it also gave us a chance to reshape the world economy, and we overcame our suffering and trauma to come together and grasp the opportunity. It was the only thing that could be done to ensure a brighter future for everyone.
The Wall