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The path to the next normal

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https://www.mckinsey.com/industries/healthcare-systems-and-services/our-insights/beyond-coronavirus-the-path-to-the-next-normal

mckinsey.com

The path to the next normal
"For some organizations, near-term survival is the only agenda item. Others are peering through the fog of uncertainty, thinking about how to position themselves once the crisis has passed and things return to normal. The question is, 'What will normal look like?'

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State Of Emergency

The ongoing pandemic is more than just a gigantic health crisis. The global economic order, for the first time in several decades, is on the path to an imminent restructuring.
Th...

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Resolve

The measures to stop the spread of the virus are well-known by now: staying home in lockdown, working from home as a default option, schools switching from physical classrooms to e-learning models....

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Resilience

As the current health crisis steamrolls into an economic crisis unparalleled for the last 100 years, the decline in economic activity is already at par with the great depression.

This cris...

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Return

Returning to operative environments is extremely challenging, with reactivation of disrupted supply chains at multiple points and widespread disruption overall.

Leaders should reassess th...

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Reimagination

As we can see most of our interactions, learnings and commercial transactions moving into online and virtual models, many other aspects of our daily lives will have to be reimagined and the leaders...

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Reform

This ongoing global challenge will help identify existing faultlines and widespread practices that are toxic and are degenerating the environment but were neglected in the past due to the absence o...

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Economic Free Fall

Economic Free Fall

The current pandemic has led to an economic free fall which is unparalleled in history. In the US alone, the unemployment rate plummeted at such a speed that more than 10 million have claimed unemp...

The Lockdown: U.S.

The Pandemic Lockdown in the U.S. directly affects the livelihood of a shocking 80% of American workers who work in retail, real estate, education, entertainment and restaurants.
Many of these offices and stores are not going to open after that.

The Lockdown: Europe And Asia

  • In Europe, The north of Italy, which is the main tourist hub, is seeing a collapse in economic activity, along with Germany, which is falling at a steeper rate than the United States. Even countries like Japan, which are not hit that hard, are about to witness an apocalyptic fall.
  • In India, with the abrupt 21 days shutdown, which was recently extended by another 19 days, only a small percentage of the 1.3 billion population is covered by any social security, and millions of daily wage or migrant workers, have no hope, future or place to stay.

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Everything Has Changed

Everything Has Changed

The world is slowing realizing that to stop this deadly virus, we will have to radically change how we do... Everything. Almost every activity in our lives, be it working, exercising, soci...

Fighting The Pandemic

A vaccine is at least eighteen months away, provided it works, and there is a hunt for quicker solutions.

Even having large capacity hospitals to treat more people at the same time is not working if social distancing measures are not activated among the population. Also, if the measures are lifted after five months, the pandemic will most likely return.

A Different Way Of Life

Sporting events, cinemas, art galleries, concerts and any other commercial activity that involves a large gathering will take a beating in the long run. There are other issues at stake: Airline activity, public transportation, and private schools.

There is also widespread unemployment, along with a huge rise in domestic violence.

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A new playbook

Growth evangelists are right when they state that severe lockdowns produce a parallel human misery of unemployment, looming bankruptcies, and extreme financial anguish. Yet, opening the economy too...

The false choice

“Save the economy or save lives” is a false choice.
A group of economists published a paper on the 1918 flu outbreak. Their findings revealed:

  • Early and aggressive interventions saved lives and triggered a faster rebound, such as job growth and banking assets.
  • Without a healthy population, there can be no healthy economy.

The hope is for a deep, short recession, to show that people have shut the economy down to limit the spread of disease.

A living wage

Asking millions of able-bodied workers to stop working creates a crisis of unemployment.

During this time, the U.S. is expanding unemployment benefits and are also delaying tax filing. In northern-European countries, the government is directly paying businesses to maintain their payrolls to avoid mass layoffs and furloughs.

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