The pandemic, in addition to the direct consequences for health, has changed the way of life and had significant effects on the economy. Despite a global downturn in economic activity comparable only to the Great Recession of 1929, the current crisis will also bring new business opportunities and force companies to rethink established business models.
What can we expect, both at the macroeconomic level and at the level of companies and individuals?
“According to leading economic experts, Serbia, together with more than 200 countries, is going through one of the biggest economic crises; the pandemic is seen as a warning to humanity, first of all in terms of attitudes towards nature and the environment, and we are looking for answers to the question of how to establish new social and economic relations,” explains Professor Nebojsa Savic.
“The Fourth Industrial Revolution poses largely new questions to which we are looking for answers. Where is the new value created, what are the factors of modern economic growth, how do national and global markets work?”, asks economics professor Dusan Vujovic.
“The crisis has destroyed the status quo and raised these questions. What is now considered a workplace? Where is it located? Are we still going to need so many factories, office buildings and administration staff? Thanks to months of online meetings, will we be able to cut expensive business trips in half? Will the mass shift to online sales produce another wave of retail failure? How to train for new jobs?” Professor Vujovic asks.
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“The main lesson of this crisis is that the development of Serbia should be based on the following – first, creating the most favourable environment for the development of small and medium-sized enterprises in the private sector; second, the state should treat improving the health and education system as a top priority and ensure adequate medical care; third, developing regional cooperation and renewal and inclusion in new value chains,” explains Professor Savic.
“At the same time, the crisis has accelerated both the need for digitisation and the acceptance of new technologies in the business world, as well as creative knowledge that is highly valued in the digital world. The latest projections show that 70% of the new business world will be digitalized by 2030, even in traditional sectors such as commerce or pharmacy,” says Professor Nedeljkovic.
What crucial for the new generations?
“Big data, artificial intelligence, advanced analytics, social networking, those are the keywords.” According to Professor Goran Pitić, the core changes brought about by new technologies will mark the labour market in the post-COVID era, creating new jobs and new responsibilities.
The “new reality” in which we live further indicates the need to transform the educational system so that young people can adapt to the constant and sudden changes in the market, not only now but also in the coming decades.
This post is also available in: Italiano