essay on Covid - 19 pandemic : Emerging Challenge
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The world is facing humanity’s biggest crisis since World War II. Almost every country has been affected by the devastating Coronavirus disease (COVID-19). An outbreak from China has gone everywhere. In the last few months, Corona’s epicentre has been shifted from China to Europe to the United States. Till date, over 1.5 million people had been affected by COVID-19 and about 80,000 people had died worldwide. Indirectly, billions of people have been suffering from the impact of the global pandemic of COVID-19. What is alarming is that the numbers likely stem from under-reporting, and may probably rise alarmingly in the weeks ahead if we factor in asymptomatic patients and rapid tests. Given that pandemic-driven crisis is constantly changing, countries are desperate to flattening the curve for COVID-19.
Undoubtedly, this Coronavirus has put the world economy at a major risk. Coronavirus ravages the economic foundations of world trade. Commentators have identified this outbreak as an outcome of hyper-globalisation or starting of de-globalisation. However, the world is going to face recession; and the global losses, according to some commentators, may exceed the World Wars I and II combined. At the same time, the falling world price of crude oil has added further anxieties. Several estimates are now available on the economic loss and post-COVID-19 growth path, and most of the estimates show that the world is already in an economic crisis.
South and Southeast Asian countries are no exception. They are heavily affected, health or otherwise. Countries are under full or partial lockdown for the last few weeks. It is a global challenge and a global response is called for. Flattening the COVID-19 curve together helps everyone in an inclusive manner.
There are rich lessons to learn from COVID-affected countries. For example, South Korea and Taiwan could manage to control the devastation with the help of rapid tests and targeted solutions. Vietnam has no death from COVID-19 as on date. China has taken help of digital technology to contain the spread of COVID-19 in other major cities in mainland. The common among all is the application of digital technology such as Artificial Intelligence and Machine Learning (AI-ML) in containing the COVID-19 transmission and sharing data and information on COVID-19 on real time basis.
While lockdown is essential for containing the Coronavirus, prolong isolation is not the ideal solution to bring back the economy on the growth path. In the post-pandemic period, along with new trade standards and certifications, the e-commerce and the new value chains may pick up the pace, where trade facilitation means connecting the countries over digital platforms (e.g. interoperability of digital interfaces) and paperless trade. The freight forwarding market is one of evolution. In this new situation, according to the recently launched ‘Global Freight Forwarding Report’, continued automation and inclusion in fully-encompassing platforms that manage all modes of transportation and data analytics will dominate freight forwarding in the years ahead.
If crisis is prolonged, value chains, both regional and global, will break. This might be an opportunity for India to leapfrog its export. Is India ready to choose new markets? India may design a strategy to replace too much reliance on China for the imports, particularly Pharma APIs. Shifting the supply chains from China also offers FDI opportunities.
If WTO is unable to offer its due services on time, India may consider calling an international or regional dialogue to set up new trade standards and certifications for export and import in the post-Covid-19 period. It is difficult to reform inter-governmental organisations where India or other South Asian countries are minor stakeholders. But, it is not impossible.
People who are ill with Coronavirus need doses of new medicines, which then go on building antibodies, save lives, improve oxygen levels and speed up recovery. In the same way, countries today need “economic antibodies” to save the economies from further disasters. Gradual opening of the economies and adjusting in “New Normal” is the need of the hour. Stimulus works well when it is well coordinated. India must step up its diplomatic strength in South and Southeast Asia as there are new scope and opportunities.