HOW TO GROW THE ECONOMY IN THIS PANDEMIC TIME?

Coronavirus pandemic and the worldwide lockdown has completely changed a lot of things this year. Apart from health issues, the pandemic has also created havoc on the global economy. It has been estimated that the world economy will shrink about 1% in 2020.  The world economy has never faced such a global economic threat since the Great Depression. Some of the ways through which policymakers can stabilize and recover the growth rate of the economy would be by facilitating:  High Liquidity and well-communicated actions by Central Bank, providing bank loans at a gentle rate, supporting vulnerable sections, promoting online marketing services andsocial media marketing servicesthrough various digital marketing companies, improving the basic economic infrastructure, etc.  High liquidity High liquidity in the market could really be a game-changer during this pandemic. Higher the amount of money in the market, higher would be consumer’s demand that would result in higher production and hence the cycle of demand-supply would start running. So a good response by central Banks of countries would be a great measure to recover the economy. Targeting Vulnerable  In order to remove the impact of economic shock provided by the pandemic, providing support to the most vulnerable sections of the society would be more necessary than anything. Vulnerable sections include small firms, unemployed people, and helpless households. Subsidized credit, waving social security, and utility bills would help them for sure.  Promoting digital and social media marketing The impact of coronavirus has proved that doing business without making an online presence in the 21st century would be a huge risk for small and medium firms. Some of the best social media marketing company in India has enhanced the online reputation management process. This helped many small and medium companies using online marketing sources. Improving basic economic infrastructure Improvement in the economic infrastructure through land labor reforms, improving the ease of doing business opportunities, making a decent environment for investments, decreasing financial sector risks, and applying human resources economic model. All these steps could certainly grow the world economy along with the implementation of serious measures to control the chain of the coronavirus.