“The global economy will this year likely suffer the worst financial crisis since the Great Depression due to the Covid-19 pandemic”, says IMF.
It is without a doubt that the global economy has taken huge hit due to the on-going pandemic and no one knows when this pandemic will end, for the economic and regular activities to return to normal. But even as uncertainty abounds, life changing opportunities are already rearing their heads. Throughout history, each time an economic or health crisis has broken out, the direction and momentum of the society and lifestyle has been altered.
From the Black Death in the 1300s, the 2002 SARS pandemic to the 2008 Global financial crisis. These events left us with lasting economic and lifestyle impacts. So what are some of the opportunities the Covid-19 pandemic have presented today? We have referred various sources and have summarized the 3 most relevant of them below:
1. Digital media
Digital marketing has experienced a boom over the past decade, but the industry is recording some loses as businesses are now cutting back on their digital marketing spending. However, the industry is likely to experience even major boom after covid-19. Many industries have experienced significant decline to digital marketing usage since the lockdown; with travel, transportation and hospitality being the most hit.
Most businesses are currently shut down, with no cash-flow and companies are eating deep into their cash reserve. When this pandemic is over and businesses resume, most businesses will need to get their cash-flow back on track. Businesses will be open to innovative and affordable ways to reach customers. And digital marketing will be there to the rescue. This is an area you want to position yourself in. Take this opportunity to develop your digital marketing skill.
2. Online education
An easy way to start developing relevant skills is through online education. Most of the schools today are closed. Students and workers are at home. One of the best things you can do today is to take an online education class. You have probably heard the name Sir Isaac Newton, the man who propounded the law of gravity. What most people do not know is that, Isaac Newton came up with the idea of the theory of gravity, among many other discoveries during an epidemic that forced people to stay at home in 1600s. by the end of the lockdown, Newton was returning back to school, in society in essence, with unfair advantages.
For over a decade, there have been predictions of online education going mainstream to rival traditional education. This change has seemed to be gradual over the years. But this virus outbreak is already giving online education the moment it’s been waiting for.
Online education; short courses, degree programs and conference training is booming now. It’s a good time to take advantage of this trend either by taking relevant online courses or creating an online learning program; depending on where you fit in.
3. The Gig Economy
As many companies will not want to have huge numbers of full time employees (and fixed costs) after this crisis, this will accelerate the gig economy, freelance works and associated startups. People can easily keep their job while making side income by offering freelance services. You may want to start preparing yourself to function in a gig economy.
Over the longer term, Covid-19 has irrevocably changed the way people and businesses will compete over the next decade. People that choose to capitalize on these underlying changes will succeed and the ones that don’t will get behind the line.
Take advantage of these opportunities before you miss them.