The impact of COVID-19 on the sustainability agenda

“The world has enough for everyone's needs, but not everyone's greed” Mahatma Gandhi

The sustainable world - The impact of COVID-19 on the sustainability agenda

“The world has enough for everyone's needs, but not everyone's greed” Mahatma Gandhi

The Covid-19 crisis has been the worst health crisis the world has ever seen since the Spanish flu in 1918. In fact, this pandemic is going to have the biggest effect on humankind after the second world war catastrophe. The future looms with uncertainty and governments are scrambling to save their citizens and the economy. Even in the most optimistic scenario, the world economy will suffer a deep downturn and the global GDP is expected to drop by 3-6% in 2020.

The crisis has been devastating in terms of job losses, according to a report by The International Labour Organisation (ILO), global labour income is estimated to have declined by 10.7 percent, or US$ 3.5 trillion, in the first three quarters of 2020, compared with the same period in 2019.

With mounting job losses, it is anticipated that half a billion people will fall below the poverty line. This will be the biggest economic crisis the world has seen since the Great Depression of 1929. Companies too are rethinking their strategies and re-aligning their priorities.

The Covid-19 crisis has been devastating to say the least. However, it puts things into perspective by showing us how an invisible virus can shut economies down and bring life to a grinding halt. However, every crisis is an opportunity and so is this. We must wake up before it gets too late, we must adopt a sustainable lifestyle before things go south. Technology which we all are very fond of must be utilised fully to achieve sustainability. Natural resources are scarce and they must be utilised effectively. Lastly, sustainability isn’t a one man show. Sustainability can only be achieved when individuals, communities, businesses, governments and society as a whole come together. Else, we don't have a lot of time left on this planet. The choice is ours.

Only those who are quick, agile and sustainable will survive; the rest will perish. Similarly, governments are also reimagining life for their citizens in a post-pandemic world. It is only the well-being of society that will ensure economic progress and business success in all fields.