Evaluation of Current Status in Light of Covid 19 Concerns
The last time I touched on the issues surrounding the present Covid 19 crisis and its impact on the NRIs working across the globe, including our nation, focusing on the job loss, pay cuts and afflicted businesses. Not to that, there is a cloud of negativity hanging over everything because such is the state of affairs that all the media that surrounds us, be it print, visual, social media or common people, all are transmitting negative information and this creates a sense of panic as if the skies are falling. So, my best suggestion to the audience is not to pay any heed to all such exaggerated and skewed stories and look at the situation from the perspective of an ordinary person.
It is a fact that a fisherman knows the temperament of the sea better than an oceanographer, Indeed, that is how I would want to advise you all this when someone listens to all the extreme attention grabbers being used in advertisements. I would say that the present scenario would cover up for 4-6 months period, for as long as COVID remains in check the improvement is going to be immense.
Economic Outlook for NRIs in the Gulf Countries
A majority of our NRIs are located in Gulf countries. As you know, the Gulf economy relies primarily on oil and natural gas resources along with trading and tourism. To put it in a nutshell, we can state that these are oil-based economies and demand driven in the GCC region. Now in this moment of crisis, as most of the countries are on lockdown across the globe, so energy demand has dipped drastically and consequently prices have also come down resulting in a negative impact on the total economy of the GCC countries. Europe, the US and Asia have started to open up after a long rest and the demand for energy will increase pretty soon. After which, there will be a spate of all the related operations. After oil starts coming through the Gulf countries, constructions and verticals like trading, retail business etc, will become usual since all these form a chain and one depends on the other.
So, businesses of any scale that have a profit margin of even $1 will be eager to resume their business missing no time to do so.
In the same vein, some firms losses and therefore decide to shut down in i would expect the percentage to be very small.
Re employment and the possibility of Economic revival
In this scenario it means that when such persons notice that all old employees are either never rehired or have been laid off and some of their firms have closed, it doesn’t take long before they sign up for new work. It is true that from a business’ perspective, bringing back former employees means saving money on reskilling and other costs. In fact, business houses will not need to trace back too far. They can start from the point where the pandemic brought everything to a standstill. It can help speed up the pace of recovery.
Last time I wrote about how amusing it is when someone asks, “WHY ARE YOU AFRAID OF THE ECONOMY?” Let me quote myself from that blog: When a crisis arises, everyone puts a pause on their goals and targets and sits in desperation, waiting for the game to begin. It’s just like a football match. When half-time comes, all players leave the field and strategies are discussed on how to win the match. In exactly 15 minutes, the referee blows his whistle, and the players come onto the field trying to score goals once again. In that context, this is just a quiet period during the transformation. Once this crisis is controlled, each one of us knows where to start, and you have to have all the players on board. I mean to say that job loss is only a temporary phase.
Future Trends in Travel, Tourism, and Healthcare
Concerning how the tourism industry will unfold, it is important to be mindful that it is likely to take some time before the industry gets back into normal functioning owing to the panick that was caused by the pandemic. However, the scene is going to be different as soon as therapeutics and vaccines are developed for COVID 19. On the other hand, the healthcare sector is going to have tremendous growth across the globe, especially in US and European countries and to a certain degree of the gulf countries. It is most likely that there will be a great deal of opportunity for all Malayali nurses, doctors, and paramedics on the job market.
So let us be optimistic and remember not to listen to any of the negative rumors and discussions. Remember, you can also make a place in your from the dream destinations and the best are yet to come.
Author – Dream Location
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