Every country and NGO must devote resources to protect lives and livelihoods
In the wake of the Covid-19 pandemic, over 800,000 people have died and hundreds of millions more are unable to work, earn a living or feed their families. There is no guarantee a vaccine will be found for Covid-19 and while the world has been focused on this coronavirus, new outbreaks of past diseases have started in locations around the world.
- Dengue: Indonesia, LATAM, Singapore, Philippines, Sri Lanka, Pakistan, Bangladesh, Nepal
- Ebola: Africa
- Avian influenza: South Carolina
- Yellow Fever: Ethiopia
- Measles: Mexico, Barundi
- MERS: Saudi Arabia
The Global Economy is Being Decimated
It is estimated that Covid-19 global economic impact will lead to government deficits of $30 trillion by 2023. This is a staggering amount of damage and potential multiple waves could dramatically increase this figure. Entire industries are being affected. Retail, restaurants and entertainment venues are either closed or forced to run with such few customers that it doesn’t make financial sense to continue operating. Real estate values associated with these industries are being decimated. In addition, forced teleworking has led many companies to realize they need far less commercial real estate. The global implications of these declining property values alone will be staggering. The tax base to fund government will shrink dramatically because of this pandemic. A potential cycle of real estate liquidation could further exacerbate the problem.
The World Economy Cannot Afford Repeated Shocks
The business and investment world needs certainty. Investors need to have an idea on their rate of return on a factory, commercial and retail real estate, a restaurant, etc. If frequents shocks are felt as a result of regional lockdowns, social distancing which reduces the ability for businesses to operate profitably and travel bans which prevent tourists and conference attendees from crossing borders, the economy will not return to normal.
Preventing a Massive Legal Drag on the Economy
The more infections there are, the more potential there is for lawsuits against companies, individuals and governments. These added legal bills act as a further drag on the economy. Business cannot get back to normal if there is a high percentage of illness and lawsuits when people encounter one another.
Preventing Civil Unrest
Forcing people out of their jobs and to shelter in place for weeks or months on end has now been shown to add to increased anxiety and depression in the population. This amplifies emotions and has been shown to have helped fuel global civil unrest.
Lives, Careers and Businesses being Destroyed Forever
For millions or perhaps tens of millions in the U.S. alone, there is no coming back from these pandemic-induced lockdowns. For many small businesses, lifesavings have been lost. This shock to the system will have lasting effects on the global psyche and consumer spending could be affected as a result. This in-turn could cause a long-term drag on every economy in the world. Having this happen once in a lifetime is bad enough… If it happens numerous times, the effects will be exponentially worse.
Global growth is the only way to get back to normal
While some politicians will look to increase taxes to solve their budget issues, this will slow the much-needed growth the economy needs to pay this debt back. To get closer to normal, we must find ways to act normal. This means restaurants, bars, service businesses and office buildings need to be able to get closer to their old capacity levels. Most restaurants cannot operate profitably at 25% or 50% capacity.
We need technology to
- Rapidly Detect viruses and other pathogens through testing and other means.
- Develop vaccines and therapeutics.
- Disinfect the areas in which we live, work and play.
- Allow for teleworking, telemedicine, tele-education and more…
We Must Pandemic Proof our Economy
There is no choice. The cost is too high to society to be unprepared for Covid-19 continuing for months or years… Not to mention dealing with other diseases that are becoming increasingly prevalent.
Governments Must Focus on Pandemic Tech Spending And Tax Credits To Protect Loss Of Business, Jobs, Income And Future
While the world’s response to Covid-19 has been historic, it is not enough. Governments must spend more on R&D and subsidies for pandemic technologies. We must ensure we fund tax credits for technology used to minimize lawsuits and get back to business.
Companies, investors and politicians are all pursuing different short-term goals on the way to a common mission of allowing society to function during and beyond specific disease outbreaks. Governments must collaborate and ensure these solutions complement each other to minimize wasted resources and precious time. To ensure maximal investment, they must further ensure useful solutions have a large and immediate market to sell into.
We must have long-term, concrete solutions that mitigate risk, allow work to take place and allow society to function
We have invested trillions in green energy to save the environment, we must do the same to save ourselves from a fate worse than the great depression.
With all this debt, global growth is the only way to pay it back. Without a massive investment in effective pandemic tech solutions that allow business to get closer to normal, we can never get out of the growing hole we are in.
To get involved and learn more, please contact the Pandemic Tech Alliance which helps advance the creation of, response to, and adoption of products and services allowing the functioning of global society during current and future pandemics and disease outbreaks.