The World Economic Forum (WEF) has conducted a new study, surveyed business decision makers around the world, and found that 70 percent of them of the opinion that the global recession will prolong due to the novel coronavirus (COVID-19).
The study pointed out the effects and predicted future of business and economy outcomes amid the coronavirus outbreak that has gripped the world. The report also highlighted the “challenges and opportunities” of the post-pandemic world.
According to WEF study the recession will followed a surge in bankruptcies and the failure of whole industries and sectors, with little hope of proper recovery. The study said “Economic distress and social discontent will increase over the next 18 months unless global leaders, businesses and policy-makers work together to manage the fallout of the pandemic,” The study added that“As economies restart, there an opportunity to implant greater societal equality and continuity into the recovery, which would unleash a new era of prosperity,”
Saadia Zahidi, the WEF’s managing director said that “The crisis has devastated lives and livelihoods. It has triggered an economic crisis with far-reaching implications and revealed the inadequacies of the past,”
She added that “As well as managing the immediate impact of the pandemic, leaders must work with each other and with all sectors of society to tackle emerging known risks and build resilience against the unknown.”
Saadia Zahidi added further that “We now have a unique opportunity to use this crisis to do things differently and build back better economies that are more sustainable, resilient and inclusive.”