The pandemic has caused global debt to continually rise. But did you know that global debt was already at its peak in 2019?
Let’s take a look at what’s happening with global debt.
Global debt is expected to rise to $ 277 trillion by the end of this year. In one year, there has been a massive increase of 15 trillion, in an effort to mitigate the effects of the pandemic. But there is one major problem. Most of this debt is unproductive. Governments and corporations thus maintain an inflated bubble of current spending that produces no economic return. It is therefore very likely that when the pandemic subsides, this debt will continue to grow.
In connection with this, the World Economic Forum presented “The Great Reset“. The Great Reset takes many forms, and one part of it is seizing the opportunity to “shape economic recovery and the future direction of global relations, economies and priorities.” According to the World Economic Forum, the world must adapt and also steer the market towards fairer results. In essence, this marks the beginning of the fourth industrial revolution.
The Fourth Industrial Revolution
The pandemic has given us a glimpse of the private sector, which is fighting the crisis more than bravely. Although many businesses went bankrupt, many of them still stay afloat and have been able to adapt to the needs of the times. Sudden adjustment, such as working from home, proved to be a good move and opened up new opportunities for employees. However solutions, regulations and restrictions, imposed globally by the goverments, do not seem to solve the problem of economic crisis. It is more likely that it will even worsen the current situation.
The pandemic came suddenly and hit the world very hard. However, it should be added that entrepreneurs fought the crisis with great force. But you need to be careful about what may come when the pandemic subsides. It is possible that the future will lead to a better form of society. But it is also possible that there will be an effort to bring society under even greater control.