As the entire world struggles to battle the COVID-19 pandemic which has not only caused a health crisis across the globe but also hit the world economy with several countries compelled to impose lockdown in order to arrest the spread of the virus, a core plot now is how those economies will re-open.
How would the economies behave? How long would it take for the economies to recover? These are some of the questions which require contemplation.
Drawing data from international media and research institutions, Indian diplomat Syed Akbaruddin seems to be contemplating some of the possible outcomes in which the economies might behave after the COVID-19 crisis is almost averted, following his retirement from the post of India's permanent Envoy to the UN. Economists have compared the shape of the potential recoveries to letters of the alphabet and came up with V-shaped, U, swoosh shaped, Z, W, and L-shaped recovery of the economy.
Although the economies would want to get on track and hit the V-shaped recovery model, however, it seems to be wishful thinking according to economists, as fast recovery from an unprecedented crisis such as the COVID-19 is highly unlikely. But the countries would put all their might to not fall into the W-shaped or L-shaped recovery model, but chances are some of the economies could adopt a U-shaped model, slow but steady.
As much as the world might come to normalcy, it will never be the same as it was before the COVID-19 crisis. While many countries are 'flattening the curve', there are fears of a second wave of the virus, raising apprehensions on whether the coming times will ever be as they were pre-Covid.