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Mumbai, March 31: As compared to Global Financial Crisis (GFC) shock, the current COVID-19 is more of a socio-biological calamity-driven stress that has engulfed the entire world. Although GFC and COVID-19 crisis are both comparable in terms of cascading impact on the world, both varies structurally on various counts. This includes irrecoverable portion, which includes deaths and similar losses, Recoverable portions are like job and economic slowdown, as well as global-scale shutdowns. None of these mentioned can be quantified right now. Having said that, a global economic decline projected in upcoming quarters includes loss of investor confidence, consumption slowdown and loss of jobs, says Savills India, the country’s premier professional international property consulting ﬁrm in its report: “COVID-19: Pause Today, Bounce-Back Tomorrow.”
On the flipside, the firm believes that post the pandemic, the world is likely to witness a large-scale transformation and a business boost. Further, Artificial Intelligence (AI), Machine Learning, Data Analytics’ and e-commerce to lead the new age growth, believes Savills.
“We will have a wave of drivers to power world businesses and economies. The leading role this time, is expected to be played by AI, Machine Learning, Big Data Analytics, Blockchain, Robotics, in creating economic growth around the world, as the decade progresses. Technology is also expected to radically shape workplaces faster than anticipated and in a more holistic and seamless manner,” points out the report.
Further, India too would witness slowdown in the current and coming quarters to come. This would be due to slowdown in government spending on large public infrastructure projects, decline in discretionary spending due to explicit or latent job losses. Supply chain is likely to be adversely impacted due to curfews, lockdowns, factory closures and cautious lending. The consulting firm expects that many global economies would start considering a ‘China Plus One’ strategy more seriously, and India stands to benefit the most.