This archive report was first published on 12 July 2020.
Published on July 12, 2020, the COVID-19 pandemic has hit the global economy in an unprecedented way, comparable to the great depression and worse than the global financial crisis.
Unlike the global financial crisis, which had the US as the epicenter and spread to Europe and Asia, leaving Africa nearly unscathed, COVID-19 has the power to toss the epicenter from one part of the world to the other - Asia, Europe, America.
Dr. Ogola, Director of the Institute of Strategy and Competitiveness at Strathmore University Business School, believes that Africa will be next, and the worst is still to come.
The world leadership is in limbo, and the COVID-19 pandemic could not have happened at a worse time, as the global economy is in dire need of direction.
However, the G7 and G20, which are the largest world economies, have taken over, defining the world's common good, but unfortunately, they are incapable of providing direction.
The US has Donald Trump with his inward-looking nationalism, the EU focuses on the 27 member countries, the UK is wounded by Brexit, and China only focuses on its long-term interest.
Dr. Ogola emphasizes that reopening the global economy should be done proactively and with a more promising future for ourselves and generations to come.
He suggests that the world needs to be under a new administration, with a strong statement that never again shall our children's children and we be put into lockdown simply because our healthcare system allowed an outbreak to metamorphose into a pandemic.
Reopening the economy should be based on building proactive social interaction, economic, health, tour, and travel systems, among others.
Dr. Ogola also emphasizes the need to gather the right data, build better systems, and factor in smarter tech in education and the service sector.
He concludes that COVID-19 has taught us that we are so connected that our economic status, race, religion, origin, or political status cannot really separate us, and it's time to be actively committed to social equity between different economies.
