There have been many challenges that the world has experienced in the last hundred years. Starting from the great pandemic in the 1920’s, The Vietnam War in the 1970’s and the attack on the WTC in 2001.
Sri Lanka in particular had to achieve the crushing of the LTTE In 2009 and the Easter attack in 2019 – yet Sri Lanka always bounced back from ground zero. However, the most devastating challenge that we have been up against has been the ‘COVID-19 Pandemic’ in 2020.
Based on the theory of ‘Hammer and Dance’ – most countries practiced a 21 day/35 day/49 day lockdown, ‘to hammer the virus down’, and thereafter open the economy to dance back to the ‘baseline level’. However, the ramifications as of today is that many companies have gone bankrupt like the famous JC Penny, Hertz rent a car, Virgin Australia; just to name a few.
World Bank forecasts that the global economy will contract by -5.2% in 2020, whilst the unemployment in the US at today has already crossed 40 million people.