All major global crises ( World War Two, Energy crisis, and the Great Recession of 2009) have transformed economies and employment on a worldwide basis. Covid19 is no exception.
Due to global lockdown and social distancing mandates, global economy crashed down like a high speed elevator and will be climbing back by the stair case step by step. Indian economy, however, will recover faster than the global economy.
Location centric businesses will transition to online platforms. This includes retailing; sports and recreation, banking, education and health care. E-Commerce, market exchanges, social media and 5G high speed information. Highways will become the backbone of the global economy.
There will be more automation and the adoption of AI, machine learning and Blockchain will accelerate. Business will be more anchored to contract manufacturing and third party logistics and supply chain. This will have direct impact on employment. The rise of the contract labor and the gig economy will shape the future of employment.
Dr. Jagdish N. Sheth
Professor Marketing, Emory University (Padma Bhushan Awardee)