KUALA LUMPUR, March 5 -- The COVID-19 pandemic has created a new form of globalisation - virtual globalisation that would bring a new range of opportunities for economy in many countries, according to a pundit.
Financial Times chief economic commentator Martin Wolf said the adaptation of technology revolution has been accelerated since the pandemic began last year and was seen as a rare revolution.
“We are moving from supply chain globalisation into virtual globalisation which is going to create fascinating changes on many countries, including India and Europe,” he said at the Youth Economic Forum (YEF) 2021 as a speaker for the virtual session titled ‘The Political Economy of Democracies’.
He said virtual globalisation would also be able to create more global job opportunities, allowing people to operate across the globe but being physically at their home.
However, he said such opportunities depended on a strong vigorous bounce back in economy as many young people and women were the victims during the crisis with most businesses and companies being closed down.
Wolf considers the people and politicians’ willingness to accept authoritarian policies especially during the crisis caused by the pandemic as considerably important in the performance of the economy.
“For instance, most western democracy are reasonable high trust societies and if you are not a high trust society, you cannot be a developed country.”
He said trust was an essential condition that should be given utmost importance in order to fully mobilise the country.
On tackling the pandemic effectively, Wolf said the response from some of the East Asian and Pacific countries including South Korea, China, Japan, Taiwan, New Zealand and Australia towards bringing the virus under control, was tremendous.
“They responded very swiftly in managing the pandemic and also managed to live a normal life quickly, having learned from the SARS many years ago, unlike the West with less or no experience in handling an outbreak like this,” he added.
-- BERNAMA
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