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EXPERT CORNER: What crisis made us understand?
We continue the expert corner with our Managerial Economics & Problem Solving professor Anthony J. Evans, PhD from a macroeconomic perspective. He addresses the issue of how the coronavirus will affect the global economy and, even though, it is hard to predict, here is his opinion:
"It's impossible to understand how coronavirus will affect the global economy, and the full implications for firms and industry. Policy makers decisions about the social and economic structure of the world will have a massive impact on the perseverance of the virus, as well as the economic consequences. Across multiple scenarios a few themes emerge though. Firstly, not all debts will be repaid. Many countries have the capability of dealing with high debt burdens, and their decision to increase them may well be wise. But there's no chance of winding this down to historically sustainable levels without creditors being out of pocket. Ultimately though these types of crisis speed up existing, underlying trends. So we can point to fragilities in the global economy - a lack of innovation, increasing hostility to the free flow of capital and labour, increased concentration in industries that have excessive regulatory requirements - and question whether we will find solutions. There is clearly scope for leadership, within a political and business context, to try to fix some of these issues going forwards. Lockdown has reminded us of the digntiy of work, the wonders of travel and the need for collaborative, cross cultural problem solving."
Next time, we will share advice from our Professor Primož Hvala on how to make sure you are prepared for future sales success.