Question

Globalization is changing our lives dramatically particularly with the recent trade deals and of course the COVID-19 pandemic. Based upon what you know now, what type of the economy and global strategies do you suggest we need to develop so to survive and prosper in the times of globalization; in the near-term (one year), longer-term (three to five years)? What changes (and in what area) are needed for that?

Answer 1

In order to survive and prosper in the times of globalization the near-term strategy which must be adopted by companies is that most of the companies must cut their cost and stop the manufacturing of of their upcoming products because due to the effect of covid-19, most of the people with cut their expenses except those which are required on daily use items and medical requirements. All the luxury items will be avoided by people as far as they can be avoided, so companies should make their limited use of resources in order to to survive in this tough Times. They should also remove or fire those people who are not performing well and continue the people based on their good performance and retain them at any cost.
In the long term from 3 to 5 years the changes which is required for the company is that the market at the global level will become stabilized and it will improve to a great extent. Things will become much better as compared to previous years, the market which was slow down will now start to recover and will grow at a rapid pace from three to five years from now. During this time most of the companies can launch their new products which were put on hold. Due to covid-19 the lost which the company made can be recovered now. Almost all the countries of the world will game pace and start the development in the infrastructure and all other major activities which was put on hold due to covid-19.

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