Understanding the digital transformation of economy during COVID & Post COVID scenario

The world economy has greatly affected and transformed during COVID and after this pandemic.

Plagues and pandemics have been undermining mankind on numerous occasions. SARS, H1N1, Ebola, and more have gone on the defensive previously, however with each such outbreak, we are learning better approaches for battling and overseeing such startling infections that can possibly slaughter a great many individuals. Innovation can’t forestall the beginning of the pandemics; in any case, it can help forestall the spread, instruct, caution, and enable those on the ground to know about the circumstance, and observably decrease the effect. Today, with converging technologies like mobile, cloud, analytics, robotics, AI/ML, 4G/5G, and high-speed internet, it has become possible to test several innovative approaches to the pandemic response.

Here, we have listed eight such areas where technology play a vital role through misinformation, finding drugs, increasing traceability and transparency by sharing data, tracking people with facial recognition and big data (like china), contact-less movement and deliveries through autonomous vehicles, drones, and robots, technology-supported temperature monitoring, Remote working technologies to support social distancing and maintain business continuity, etc.

If we specifically talk about Pakistan’s Economy then five potential areas are expected to have high potentials in COVID and post COVID scenario. The influence of the COVID-19 coronavirus pandemic has started to pour out its effects on every aspect of our society. One of them is the educational system, and it has proven to be challenging trying to keep it afloat. Most of the educational institutions in Pakistan start online classes to educate students for which training programs for teachers are also organized to handle the classes but a major concern that every country like Pakistan has is equality in access to online learning programs. Some students come from underprivileged families and perhaps do not own a personal computer or do not have access to the internet. Some might even live in areas with no electricity. This requires various actions and a special approach.

There are multiple examples across the world like China is providing computers to all students that come from families with low income, as well as giving them special mobile data packages. The situation is similar in France, where they are also providing various devices to students with no access to them. Some other countries that have specific measures dedicated to this are the United States, Portugal, and the United Arab Emirates too.

Government agencies all over the world are starting to launch campaigns to raise awareness of distance education. This is all done to communicate better their plan of implementing distance learning programs. These campaigns aim at all groups, students, teachers, administrators, and parents. For example, Saudi Arabia uses a Twitter account to keep everyone updated on the latest information regarding education but due to lack of resources Pakistan is unable to do that but use their national terrestrial television programs to deliver learning content to cover most of the rural areas too but still few areas are still not covered due to the lack of internet and electricity facilities so, these areas may cover through feature phones vis SMS based conversation so there exist the huge potential for these type of service provider and still there is need of public-private partnership too to develop such platforms.

As the world is fighting with the Coronavirus pandemic, scientists and tech companies are scaling up to contain its spread. From 3D printed ventilator parts to data-collection apps, technology is playing an important role in the health sector.

Countries like China, South Korea, and Taiwan have administered quarantines and social distancing with the help of Big data and social media to trace infections, alert people to hotspots, and round up contacts. Taiwan created what it calls an “electronic fence” which tracks mobile phone data and alerts authorities when someone supposed to be quarantined at home is leaving the house. South Korea even changed the law to allow the state to obtain medical records and share them without a warrant and at this time countries around the world will focus to transform their healthcare system to reduce the deadly effects of the virus.

The focus of the developing world in particular and mature economies, in general, will change from implementing large-scale infrastructure projects to build and expand the capacity to scale up health services. This will also propel growth in indigenous research and development activities in medical science. One example of such activities can be seen in countries like India and Pakistan where many research groups of multidisciplinary areas have rushed to develop medical equipment such as ventilators and surgical masks in the wake of the current COVID-19 crisis. These solutions are aimed to be more affordable and robust for the developing countries, which will also help such countries to improve public health facilities to withstand any future pandemic or natural disaster. COVID-19 has also given rise to more open-source medical engineering solutions and has brought professionals from different disciplines and countries together, a trend that is set to continue and will have a positive impact on the R&D efforts, especially in the less developed countries.

Businesses in Pakistan first embraced e-commerce in 2001. Hundreds of retailers, ranging from clothing outlets to electronic equipment stores, are now using websites to sell goods to customers. Indeed, Pakistan’s iron-clad brother China had witnessed a similar development of e-commerce in 2003 when the Severe Acute Respiratory Syndrome (SARS) hit the country. Millions of people confined to their homes and that was a golden opportunity for online platforms to make sales.

The lockdown will give a further driving force to the previously developing portion of online exchange/internet business around the globe. Quite a bit of this effect will likewise be felt in creating nations that were falling behind the propelled economies. According to the latest e-commerce statistics, the share of online trade is currently about 2.4 trillion USD.

According to another report, it is set to increase tremendously in the coming years and the number of users in the e-commerce market is expected to increase to more than 5 billion users by 2024, which will be more than 60% of the projected world population of around 8 billion people in the same period. This infers for all intents and purposes all of us will be presented to online exchange what’s to come. This will make colossal open doors in the territory of web-based business and will counterbalance a portion of the negative outcomes of COVID-19 on the work numbers far and wide. Keep in mind, most online organizations have made due in the midst of the COVID-19 lockdown. Amazon even went for an employing binge of 100,000 additional laborers in the US to fulfill the rising need of online customers during an emergency.

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