As per WEF for building global competitiveness post COVID-19 Pandemic, a Dynamic digitalized economy is a must

The UAEs robust financial system empowered it to better aid smaller firms as well as manage the catastrophe.

The World Economic Forum stated that: “Nations with robust digitalized services as well as technology for supporting their economy greatly have held the COVID-19 Pandemic better. Nations with the aid of a dynamic financial systems that aids for majority of the firms as well as aims to get all resources to maintain them to keep them stay balanced- such as the UAEs- also did extremely well off at a time when the government’s involvement was required more than ever across the globe.

A Managing Director of the WEF, Saadia Zahidi, stated that: “The economies that were truly well set up to not just permit to get safety nets swiftly, however, ensure that funding is being distributed, not just to huge firms, however, also actually for the SMEs as well as direct access to households-thereby those nations did well.”

A WEF report also further stated that: “Maintaining a balance between public health policies alongside economic as well as social policies also necessitates adoption of second greatest solutions, that are tough for assessing the same. Within the all-purpose terminology, nations that could better initiate as well as do co-ordination regard the health actions necessitates fiscal as well as social policies that have been hugely effective in curbing out the crisis related outcomes.”

The governments that were hugely been bright for striking out a suitable delicate balance within economic as well as health related matters have also coped up fairly better in dealing alongside Pandemic and that there is no doubt that nations that were able for offering their inhabitants extensive healthcare as well had enough understanding for embark upon previous outbursts such as SARS were also better placed for coping up.

Ms Zahidi also further elaborated that: “Within the current time of deep vagueness, the aftermaths of health catastrophe as well as twin shocks of economic slump down as well as relative Oil turbulence, have no doubt enforced upon a base rethinking upon expansion as well as its rapport for outcomes for the individuals as well as planet. The policymakers have a notable prospect for grasping this moment as well as determining latest economic systems that are hugely productive while rising sharing affluence as well as environmental sustainability.”

Klaus Schwab, the founder of the WEF further stated that: “It makes a huge clearance of the significances for making the economies better productive, sustainable as well as comprehensive as we all emerge in through the catastrophe. The huge risks for shifting in our economic systems simply cannot be huge.”

Within its Global Competitiveness Reports Special Edition 2020: How Countries are Performing on the Road to Recovery, the WEFs have put on how the nations can better recover via the uncertain Pandemic and utilize it as a thrust for everchanging economies.

The Report stated that: “Before the Covid-19 turbulence, despite the noteworthy expansions of the ICT access, the ICT accessibility as well as utilize remained far from being worldwide. The COVID-19 turbulence has swiftened out the digitalization within the advanced economies and as well as made up the recovery huge tougher for the nations as well as the territories that were delayed before the turbulence.”

Among its recommendations, the report stated that the shift of the power arena towards a greener world should be fast-tracked – with upgraded infrastructure as well as boosted information and communications technology (ICT) becoming more widely available.

The report demands for an updated edification curriculum that motivates on the skills desirable for the future markets, with an additional focus on those at greatest risk of job displacement.

“Nations should emphasis in the revival phase on gradually shifting from furlough schemes to new labour market prospects, scaling up reskilling and upskilling programmes and rethinking dynamic labour market policies,” it stated. “In the revolution phase, leaders should work to apprise education curriculums and swell investment in the skills desirable for jobs.”

“The combined twin jolts viz the health and economic downturn of 2020 have exaggerated the livelihoods of millions of households, disrupted business activities, and uncovered the fault lines in today’s social protection and healthcare systems,” Mr Schwab and Ms Zahidi wrote in the report.

Ms Zahidi also further announced that: “It’s long been clearer that superior investment in individuals and, in particular, with all of these job interruptions that are taking place due to technology, it’s significant to give individuals reskilling and upskilling prospects.” “The turbulence has also further fast-tracked the outcomes of the Fourth Industrial Revolution on trade, skills, digitisation, competition and employment, and emphasized the disconnect between our economic systems and societal suppleness.”

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