Covid-19 and the shift in the global digital economy; what are the best things you need to do now?

Covid-19 and global economy

The Corona virus pandemic 2019 (Covid-19) has brought so much disasters to the human race worldwide. Movement has been restricted, loses of jobs, business is on the go slow, lives are in danger with deaths and pains occurring on daily basis. Over 200, 000 new cases are reported daily worldwide bringing the total confirmed cases to over 17 million. All these together has injured the global economy.

In the maiden report released by the National Bureau of Statistics (NBS), the impact of COVID-19 pandemic on employment and income of Nigerians have been widespread. About 79 % of Nigerian households reported income decrease since the beginning of the country's initial lock-down (mid March) because of the pandemic.

Covid-19 and the Global economy

Many people globally have lost their jobs, both local and internal business transaction has been truncated, due to the effect of covid-19 pandemic.

The international monetary fund (IMF) reported in her World Economic Outlook, April 2020: The great Lock-down that the global economy is projected to contract sharply by –3 percent in 2020, much worse than during the 2008–09 financial crisis. This at all is not a good news as this will cause so much hardship on the human race. After about 11-12 years of global financial crisis, the world currently is struggling with both health and economic crisis caused by covid-19 pandemic.

In April 7, 2020, Ms. Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF) made a press release that “Nigeria’s economy is being threatened by the twin shocks of the COVID-19 pandemic and the associated sharp fall in international oil prices. IMF forecasts and announced that the Nigeria economy would experienced a contraction of 5.4 % that is largely due to the covid-19 pandemic.

In amidst of the pandemic and the economic crisis, a few sector of the global industries are making a head way in the global economy. Some of which are; Agricultural sector, Telecommunication industries et' cetera.

Covid-19 and the shift in the global digital economy

Digital economy refers to an economy that is based on digital computing technologies, It's commonly perceive as transacting business through markets based on the internet and the World Wide Web. Digital economy can also be seen as the Internet Economy, or Web Economy.

A lot of businesses today use computer technologies in one way or the other to carry out their business and many businesses today are going digital. While some businesses are dying a natural death, other are making a lead especially the businesses that support the system of working from home.

The impact of covid-19 on the digital global economy reports that instead of hindering growth, COVID-19 is accelerating data growth in 2020 due to abrupt increases in work from home employees. The world was undergoing massive business transformation prior to covid-19 pandemic. Amazon, Netflix and other businesses are already on top of the game.

The Nigeria minister for communications and digital economy, Dr. Isa Ibrahim Pantami in a webnar meeting organised by the Nigeria Economic Society Group (NESG) on the topic: "Assessing the Impact of COVID-19 on the Nigerian Digital Economy and Post Pandemic Strategies." has said that the disruption caused COVID-19 has strengthened federal government's resolve to focus on digitalisation as a means of diversifying the country's economy.

The Minister stated;

It was predicted in 2016 that 60 per cent of world economy is going to be digitalised by 2022. And with this pandemic, that prediction has also been challenged because by looking at the way digitalisation is taking place globally it is clear that 75 per cent or thereabout of the world economy is going to be digitalised.

Covid-19 and the shift in the global digital economy: What are the best things you need to do now?

Covid-19 has and is causing a great shift in favor of local and global digital economy at same time. Businesses are going online to adjust to the new normal of the digital economy and to be successful in this, there is a need for robust and reliable infrastructure, a thriving digital ecosystem, digital skills and an enabling environment.

Prof. Umar Garba (Executive vice chairman of the Nigerian communications commission) has identified some key areas such as content development, innovation and entrepreneurship that will help develop the digital economy of the nation.

Job search post covid-19 may not be who know who, it will be based on what you can offer. Although, some part of the world may not adjust to this change immediately but will gradually itself. The telecommunication industries like MTN, GLO Nigeria ltd e.t.c have keyed themselves into this business transformation. These companies with others few are transacting their businesses online and making more money prior to covid-19 pandemic.

In order to be relevant in the nearest future as individual or company, you must consider to do the followings;

A. Business

If you already have a product or service, you need to create an online presence for your business, this could be achieved either by launching a website for business and hosting your business on it or using your social media handle to reach out to your customers with your products or services.

Covid-19 pandemic has crumbled many businesses to their feet but businesses like amazon, netflix, telecommunication companies that have online presence are doing even more better in the face of the pandemic. Economic report has shown that amazon sales rose to about 26 % year on year and it has doubled it sales and income this year.

B. Personal

People are now looking inward to initiatives that will make them contain the challenges of covid-19. Many people in different organizations have lost their jobs, businesses are under performing. There will be an increase number in the competition for jobs post covid-19. The job market will be more favorable to those with great ideas, skills, innovative and knowledge of the job seeking for. You must stand yourself out of the crowd (competitor) post covid-19 in order to be relevant. The followings may help you find your place.

Skill Acquisition

Develop yourself continuously with skills relevant to your job or your dream job and pay attention to the job requirements while doing so.

Technology

In a few years to come, almost everything in the world will have an online presence. The world is daily advancing in technologies. You have to advance yourself technologically, learn to understand and move together with the advancing technology relevant to your field or job.

Keep yourself updated with information, read more books, try to be creative and innovative.

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