Experts predicted and expected that the world would face some challenges in 2020. In 2018 & 2019 the world was plugging along with economic growth between 2.8% and 3.5%. It was not great, but respectable. Early 2020 when COVID-19 was showing how destructive it was going to be, the world took notice. Even then, experts expected by the last quarter of 2020, the global economy would begin to rebound. This is not the first time a virus surprised us. The greatest minds in the UK could not have seen where this would turn. With that said, financial leaders could do nothing but expect that the plans they have in place for such emergencies would hold as the scramble began to recover.
Different. Not better, not worse…just different
Just like financial experts have to change the way they do business during a global change, citizens have to regroup. They went into a lockdown situation which changed the way they spend their money and their income went to 80% of what they were used to living on. It would take some effort to balance the two, but it was not only possible, to many people it was easier to balance. But that was just the beginning. Lockdown is not just an emergency effort and civic responsibility, it is a new way of life. Currently in place until March 2021, how has day-to-day changed, and how have these changes nursed a shell-shocked economy? By enhancing what we have and maximizing what works for us now.
People need people – Employment, Socialization, Entertainment
People are social beings. We are made to be with each other. If we cannot go out, we need to bring people to us. This is why we are so blessed that if we had to suffer through a pandemic it happened during the age of technology. We can speak to people we know and love. We can watch people interact with each other. We can visit our best friend in New York City from our sofa. We can keep our social network in place visually, verbally, and in print with little effort. We can also invite them to join us virtually while we have a “party” with the whole gang just to keep us all connected. Businesses use these tools to allow their employees to continue to work remotely so they continue to service their jobs and clients when they are not allowed to open their place of business. Dropshipping, remote working, and the money saved by not paying for the expense of an actual office building have allowed a lot of businesses to keep their employees on the payroll. The employee may have an adjusted job description, but they have a job.
As we venture into 2021, more people look to their computers for their entertainment. Companies like Lottoland UK have been and still are in place. They are an offshore, online casino company that has been an industry leader since 2013. They are licensed and insured and offer all of the casino games, lotteries, and other gambling opportunities you would normally get in your local area. For example, you can go online and buy a lottery ticket that looks and pays exactly like the ticket you could buy at the corner store. It also pays you the same. You are betting on the results of the game. So if the man at the store wins, and you bet the same number, you are a winner. Of course, there are other games. You might want to play Blackjack with a real dealer or Poker. They have customer service agents to help you.
Lottoland is a privately owned company. However, they are aware of the way some countries use their lotteries to support local charities. While Lottoland is not required to participate in this, they recognize the social responsibility that all companies carry. They are very proud of the relationships they have formed with The British Red Cross, Hospice UK, Keep Britain Tidy, and The Marine Conservation Society, to name a few.
Media – Mergers & Acquisitions
We have already seen the swift turn Live-Stream, A.T.&T, Netflix and social media giants have pushed out there. We have all grabbed our credit cards and subscribed. We can look for major mergers and acquisitions in the near future. These will be the platforms for entertainment for at least the next 2-years, maybe more. The rebound in the economy comes when people (even if slowly) begin to spend. Moderate spending for at-home entertainment or spending as a group for a big-ticket media show will allow money to begin to flow.
Mergers and acquisitions will pour much more money into the pool and technology will probably take us to places we have not even imagined, but there is going to be another player in the game. It is no secret that the world governments have been studying, and preparing to deal with a serious media problem. Media giants have a monopoly on the industry. They also have a massive amount of lobbying power. Regulators are ready to crack down on these multi-billion-dollar companies. As world powers come together to recover from the unexpected pandemic, it will change the way we all do business. From massive giants to small-business owners. People will always find a way to rebound. It is built into our DNA. It is part of what makes us who we are. We are prepared to get through this year and we are looking forward to a productive and stronger 2022.
Sources: worldbank.org / cnbc.com