It has become clear today that the world after COVID-19 will not likely be the same as before. The consequences of the pandemic have been accelerating in many dimensions of the global economy. This holds for the digital economy, with digital behavior hitting high rates, including remote work, remote education, medication, delivery services, etc. Other structural changes are also taking the same trend. While countries are slowly recovering from COVID-19, it has become evident that the new world will be different in terms of economy, society, and health. Information technology will play a critical role in all walks of life and will witness higher growth. Large dependence on the Internet during the COVID-19 pandemic has made the major IT giants adjust their websites to provide their clients with access to have more connections on the Internet. For instance, companies like Zoom and Skype, which provide conferencing over the Internet, have scored higher share rates. Netflix and Disney, the home entertainment giants, have reaped millions of new subscribers.
Moreover, dependence on G5 networks will increase to support artificial intelligence. Such networks will also be used in social and industrial applications. Health and defense sectors will find that robots and drones are more cost-effective in preventing hazardous situations. The future of work has also accelerated more than expected and the remote work has become the norm. This acceleration is not attributed to the development of technology, but to the new health and safety considerations. Besides, the economies and labor markets will need more time to recover fully.
These trends have been gaining momentum and with their likely impacts on the long-term options of economy and society, the present crisis has led to reconsidering many axioms including globalization, future of capitalism, intensifying economic and living activities, industrial policy, societies and crises- epidemics and climate change- and the roles of governments and organizations.
As told by history, the options taken during crises may reshape the world for many decades. This will be addressed in an exceptional version of the Asbar World Forum 2020 (Future of the Future).
Dr. Fahad Al-Orabi Al-Harthi
Chairman of the Board of Directors