Pandemic And Economic Recovery, New Normals And Crisis

It has been around the 5 months now that the COVID-19 virus has made its rounds, few countries have been spared the brunt of this new and largely unknown virus. Lockdowns have been the standard way to initially cope with the pandemic. While the effectiveness of lockdowns in controlling the pandemic are still being debated, the one thing that is absolutely true is that – global economies have gone into a serious downslide. 

Managements were busy developing plans and strategies to handle the post pandemic situation. Market predictions, the purchasing power of consumers and the possibility of continued ‘work-from-home’ policies were all being critically analyzed. The economic impact of the pandemic was being focused, outstanding debts, unpaid vendors, unpaid staff salaries were all situations that needed to be addressed. 

As months went by, it became clear that the COVID-19 virus was not going anywhere in the near future. Governments were feeling the strain as revenues crashed. It became clear that, lockdowns had to be eased to revive economic activity. It was widely agreed that the opening up had to be done in phases. This brought us to the scenario of the New Normal – for everything from eating out, to working in an office to running a factory. 

It is important to note that, the New Normals being formulated, are now being defined for current use and to be carried on into the future. Activities would be opened up in phases and adjustments if any, would be made in the assigned operating procedures. Every activity that is to be revived including education, production, service industry, hotels, airports, recreation and exercise, would have its own set of new New Normals defined. 

While we go through all these activities aimed at achieving a safe reopening, the possibility of a surge in infections or even a significant second wave of the health crisis, cannot be discounted. This makes it absolutely necessary to include, crisis management strategies when defining a New Normal. 

Many organizations seem to prefer the idea of continuing with work-from-home plans, at least for a portion of their staff. An increase in COVID-19 infections might, force businesses to increase the proportion of staff working from home. But this time around, it would be better to streamline and plan the work from home workforce. Employees coordinating with each other and also, with the staff working in the office – will need to have clear cut plans and processes. 

Equipment required to work from home including high speed internet connectivity, security enabled laptops and mobile devices and even audio-visual gadgets to participate in online video conferences – should be kept ready to be deployed. The idea is to continue work procedures with minimum or no interruptions, as seamlessly as possible. 

And after having said all that in this report, it would be only fair to mention that, governments have a major role to play in developing facilities to handle any surge in infections that might occur. Economic recovery is absolutely essential for nations and economies of all sizes but, the process will need to be handled by the private and government sectors working hand in hand.

Globalization has ensured that supply chains, the demand and supply side, involve multinational trade points. This obviously means that a reasonable level of coordination will be required, across the globe to embark on any economic revival plan.  

The bottom line is that management during the opening up phase, will need to take on added responsibilities. Lessons learnt from the last spate of lockdowns and business disruptions, will be the guiding star for future policies. The fittest and the most flexible will survive. 

 

GLITZKOIN: A quick recap of the Glitzkoin project and the GTN crypto token.  The project was launched to improve the demand for natural diamonds and to enhance, the efficiency and productivity of the multibillion dollar industry. 

The DiaEx diamond trading platform was developed using Stellar blockchain resources. The GTN token was launched as part of the project and is designated, as the mode of payment on DiaEx. Promoted by second generation diamond veteran Navneet Goenka, Glitzkoin assigned a multifaceted role to the GTN token.  

The trading platform was completed in 2019 and was put through rigorous testing in early 2020. A team of diamond dealers subsequently did a pilot run on DiaEx with, actual transactions made on the platform.  This process was largely successful and revealed a few areas for improvement. The Glitzkoin tech team was handling the minor adjustment when, the pandemic and subsequent lockdowns slowed down the process. The management will reschedule the full launch of DiaEx once the health crisis eases. 

Talking about the multifaceted nature of the GTN token, the project is also focused on further increasing usage for the crypto – this aside from crypto exchange trade and the payment usage on the DiaEx platform. The concept is to have operators of various businesses, accept the GTN token as a mode of payment in their operations. Moving this idea forward Glitzkoin has confirmed a partnership with online ticketing giant Myticket.asia, wherein clients of the ticketing portal could use the GTN token as a mode of payment. Technical requirements for the integration of systems on both sides is at an advanced stage, nearing completion. Reviewing the challenges that the entertainment industry has been going through during the COVID pandemic, both managements have decided to set a launch schedule when the situation starts to normalize. The arrangement setup between Glitzkoin and Myticket.asia will form the blueprint, for similar deals to be negotiated with other business operators.  

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Related Resources: [Project Updates]