Undoubtedly, there is no justifiable argument as to if the world would remain the same or not after the pandemic is over. Even presently the world has changed and this brings the virtual treality into reality check. At least, from confirmed sources, statistical analysis by a notable money-blogger website stated that 85 per cent of the world’s top organisations conduct and go about their various individual businesses on the World Wide Web, all thanks to the Internet for making that possible.

Let’s assume I am a local food vendor based in Nigeria: precise business location is on the Lagos mainland. If you request certain items from my website or social media page or from my company’s app, depending on the easy surf for you, I will deliver your goods to you wherever you may be, got what you want. Simplicity at its best! That is what all MSMEs, SMEs et al have to adopt and emulate as life goes on and it's not really on a standstill or the popular word lockdown as they call it, because we do not know when the law on social distancing will collapse.

The great depression was a severe worldwide economic depression that took place mostly during the 1930s, beginning in the United States (one core G20 member). The timing of the Great Depression varied across the world; in most countries, it started in 1929 and lasted until the late 1930s. It was the longest, deepest, hardest, cruellest and most widespread depression of the 20th century. The great depression is commonly used as an example of how intensely the global economy can decline. What the world is currently facing can either lead to it or not. But, partially, I can categorically say some countries are into depression, especially in the northern and western part of Africa.

There are several causes as to what led to the Great Depression: from the major fall in stock prices to the worldwide Gross Domestic Product (GDP), etc. With the current situation the world has found itself, I can predictably conclude that the world can enter into another world great depression. As an economist, and viewing it from an economical point of view, if there is instability in countries around the world, some can fall into a long time recession.

Speaking economically, a recession also is a macroeconomic term that refers to a significant decline in general economic activity in a designated region and we all majorly know that macroeconomics deals with the whole economy of a country. There are certain causes of an economic recession that causes major imbalances in GDP across the world, due to the worldwide shutdown of all activities caused by the coronavirus, what I call PLANdemic.

Economic recessions are caused by a loss of business and consumer confidence. As confidence recedes, so does demand. A recession is a tipping point in the business cycle when ongoing economic growth peaks, reverses and becomes ongoing economic contraction.

Other causes of recession are loss of confidence in investment and the economy, high-interest rates, stock market crash, falling housing prices and sales, manufacturing orders slow down, deregulation, poor management, wage-price controls, post-war slowdowns, credit crunches, deflation, et al. The world can advertently avoid the great depression or any recession that may likely kick in if there is no profound solution to combat the spread of the COVID-19 crisis. My 0.0 Kobo advice to business owners and all government agencies are to embrace the virtual life, the virtual treality of the current world. “You don’t have to see me one on one to get work done for you” and also “you don’t have to see me to pay for my services.” In every country around the globe, there should be amended bills, specifically on the new era world. “The virtual way of doing it all!” Welcome to the virtual treality of the new world, the face of the world will change drastically after the pandemic is over.

Also, this is the vision 2020 the superpowers of this world promised us. And, please, can someone tell me what vision 2020 is all about?

•Mike-Nifty Ayodeji, an economist and public affairs analyst/curator, can be reached on: nifty.mics@yahoo.com

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