Covid-19 has left the world reeling. And till now, there doesn’t seem to be anything we can do about it.

This unprecedented enemy has swept across a majority of nations across all continents, affecting populations, upending lifestyles, and countries turning on each other. But perhaps the most devastating effect the pandemic has had is on the global economy.

And if researchers are to be believed, this is only the tip of the iceberg. The second wave of Covid-19 could very well be in the offing, which might spell greater doom for the world’s financial future.

In the following sections, we’re going to take a brief glimpse into how the world economy might be impacted in the case of a second wave of Covid-19.

The Situation Till Now

Both science and commerce are still uncertain regarding the origins and possible impacts of this pandemic. However, one thing is certain: the world is never going to be the same as before.

The effects are already here for all to see: the Great Lockdown has forced the world markets to shut, and only essential services remain operational. Even e-commerce businesses have taken a significant hit. Customer confidence is down, and people are spending much less than usual.

In such a situation, global experts believe that nearly 25 million people could end up losing their jobs directly. Indirectly, it’s feared that the pandemic will affect the livelihood of almost 1.6 billion people worldwide.

In such a scenario, with the global markets shrinking and spending at an all-time low, it’s estimated that Covid-19 could cost the world to the tune of $20 trillion! This is bound to lead to a recession, the likes of which the world has never seen before.

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The Impact of A Second Wave

The above infographic clearly highlights one thing: a dire miasma is already engulfing the world economy. And a second wave could only lead things from bad to worse. As of today, nearly every sector on the economic radar has been affected negatively by the Covid-19 crisis.

In the case of a second wave, the first casualty will most likely be manufacturing. Already, due to the worldwide lockdown, the global supply chain has been significantly disrupted. In the event of a second outbreak, this can be exacerbated by a large degree.

With businesses shutting down and people losing jobs, people working from home, sectors such as finance, transport, and retail could face irrevocable damages. And industries such as air-travel and tourism, which are already on the brink of a chasm, could receive the final shove.

All’s Not Lost

However, even if a second wave of the pandemic does topple global economic superpowers and upend the established order, a new economy might emerge. In case the lockdown continues, the digital world will become the only realm where humans can interact safely.

This is likely to lead to a thriving online economy, where internet-based businesses outshine traditional establishments. Whether it’s for shopping, digital experiences, or even recreational activities such as e-sports and online gambling (click here for more information on this), people are expected to lean more on digital.

The Way Ahead

It’s no shame to admit that humanity has been bewildered by this unseen enemy. And a second wave could bring about consequences yet unimaginable. However, with the resilience and hope that is so characteristic of the human spirit, we can work together as a planet to overcome this terrible adversity.

And hopefully emerge stronger than ever before!

Coronavirus