Hygiene habits and economic changes formed during the outbreak will endure long after the lockdowns ease. FMTNews Travel Coronavirus
Tourists fiddle with their protective face masks as they take selfies atop Rialto bridge in Venice, Italy. The great depression spurred a “waste not want not” attitude that defined consumer patterns for decades. Hyperinflation in the Weimar Republic still haunts German policy.
In the white-collar world, workplaces have amped up options for teleworking and staggered shifts – ushering in a new era where work from home is an increasing part of people’s regular schedule. While tourists will no doubt be eager to explore the world and relax on a beach again, it may take some time before the industry that hires about one in 10 people recovers.
Tighter borders controls, wider insurance coverage and lasting changes to working and commuting patterns will be just some of the micro-economic changes that will endure long after the virus, Momma says. Governments may spend much more on health care to avoid the massive cost associated with epidemics, according to a new paper on the macroeconomic impact of the virus published by the Brookings Institution and co-authored by Warwick McKibbin and Roshen Fernando of the Australia National University.
“I think most businesses and certainly the behemoths in the US and elsewhere will not fail to go back to normal business practices,” he said. “The demand shock determined by the great financial crisis was the rationale for a new, quite radical, regulatory framework across the banking and financial sectors.”
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