Thread by @BiIndia

‘Pre-COVID life won’t be back in 2021’, says @DeutscheBank’s CIO⁠ — he also says Asia will continue to rise

businessinsider.in/international/…

By @jainrounak

The COVID #pandemic has had a massive impact on everyone’s lives this year. Most of us have been wishing for a speedy return to the pre-COVID lifestyle. But that will not happen, according to Deutsche Bank’s global chief investment officer Christian Nolting.

According to Nolting, #COVID has had a long-term impact on everyone, from individuals to businesses as well as governments. Instead of a reactionary approach, Nolting says that these changes require a strategic, long-term approach.

Impact 1:Lockdowns around the world have forced workers to work from home, leading to widespread digitization of workflows. However, essential works and those without digital access have had to go out and work...

...This has undone the gains made to reduce inequality across economies. Factors like unemployment support, healthcare provisions and digitalization have increased the role of the state.

Impact 2: The pandemic has amplified the role of technology in the modern economy. From digital economy to communications, ecommerce and delivery services, and healthcare, technology has been adopted across sectors to bring businesses back online.

Impact 3: Governments across the world will have to figure out the best monetary policies to deal with the issues thrown up by divergence, demographics, debt, and digitalization.

Impact 4: Many Asian economies have beaten the #coronavirus blues to register growth at a time when many developed countries have reported contractions. While this has not immediately thrown up a new world leader, the rise of Asia continues.