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Coronavirus: Focus on regionalism will accelarate in post-pandemic world, says professional

The novel coronavirus has taken the world by a storm with many already questioning how life would develop into after the pandemic.

India Today TV’s Rahul Kanwal spoke to Dr Parag Khanna, a worldwide strategist to get a glimpse of the world after Covid-19.

Parag Khanna identified that there have been a number of incidents occurring on the planet previous to the pandemic and added that the virus outbreak is prone to speed up these developments.

Regionalisation: The new globalisation

Khanna mentioned regionalisation might change into the brand new globalisation and gave an instance. “Look at North America, United States trades more with Mexico and it trades more with Canada than it does with China. That was true in the year 2018.”

He mentioned regionalism might be rather more in 2020-21, giving one other instance involving commerce in Asia, the place 60 per cent of the full commerce occurs between one another. Khanna mentioned concentrate on regional commerce might speed up.

“Supply chains are becoming more regional and national. That is one of the single most important thing that will distinguish this period from 2016-20 with the future,” he mentioned.

When requested which nations will emerge stronger, he mentioned those that can handle the pandemic might be forward within the post-pandemic world. Scandinavian nations, Norway, Canada and United States will do properly, he mentioned.

India’s position

The international strategist mentioned India’s position on the planet is bigger when in comparison with its South Asian neighbours, contemplating India’s different contributions in numerous domains together with IT.

He mentioned statistically commerce between SAARC nations won’t emerge as essential, however added that the Regional Comprehensive Economic Partnership (RCEP) might change into essential.

He, nevertheless, asserted that India’s “trade will grow” considerably with ASEAN nations, South East Asia.

“Even if India does not join RCEP, there will still be a lot more India trade with a ‘look east’ kind of policy.”

He, subsequently, mentioned India might see higher development when it comes to regional relations within the broader Asian area.

Nationalism & highly effective governments

When requested if governments all over the world will change into extra highly effective after the tip of the Covid-19 outbreak, Parag Khanna mentioned the best governments on the planet are large governments.

However, he mentioned there’s a distinction between being a robust authorities and nationalism.

“Nationalism is punitive, it is not just patriotism but just I am good and you are bad. We have been seeing this nationalism but let’s ask what it has accomplished,” he mentioned.

“Has it been good for America? Certainly not from the economic standpoint. Has Brexit been good for Britain? Obviously not.”

Speaking critically about nationalism, the professional mentioned the post-pandemic world might see a rise in immigration. He added there might be extra migration after the Covid-19 mud settles as individuals from severely affected nations might select to maneuver.

He predicts that extra governments will change into much less nationalistic after the pandemic.

Acceleration of automation

The world can even witness a spike in automation, mentioned Khanna and added that the world would look in the direction of extra robot-operated service to forestall such deep disruptions in future.

“So the acceleration of automation is another thing that will symbolise this post-pandemic world,” he mentioned.

Khanna defined that Covid-19 pandemic has slowed financial development across the globe and added that firms are being cautious as they have no idea how a lot income they might generate.

He mentioned companies could also be apprehensive to rent recent giant workforce and will select to spend money on know-how for a “lower aggregate price at the cost of hiring thousand people”.

Parag Khanna went on to say the cost-effectiveness of automation might additionally drive competitors in the long term.

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