Coronavirus (COVID-19): Exploring the Unprecedented Challenges and Possibilities

Abstract

It appears that the coronavirus disease has brought far reaching life and economic consequences across the globe. This disease has rapidly spread throughout the world ravaging the lives of people and economies with impunity. In attempts to control its spread, different countries embarked on lengthy lockdowns in which their economies virtually ground to a halt due to employees’ incapacity as a result of extreme illness or death. As the lockdowns are being eased to resuscitate the countries’ economies, there is a high likelihood of massive reductions in sales revenue, jobs and income as well as a sharp increase in innovative ways of transacting in business including online platforms. This is envisaged to affect all countries including Botswana. This study explores the several and often rapid transformations that businesses are likely to experience in the post-COVID-19 era. The findings are still unfolding but the obvious ones are: jobs are being cut; sales revenues are reducing due to non-productivity; there is a rapid proliferation of online platforms used by especially workers and students; companies are cutting salaries and countries are introducing initiatives to address the challenges presented by COVID-19 such as, among others, cash transfers; wage subsidies; in-kind food/vouchers schemes and unemployment benefit.