Das ka Dum with Dr Bhaskar Das: How should we be reacting to the ever-changing world given the impact of  the Covid-19 virus on the economy and the media and marketing services sector?

16 Mar,2020

Welcome to an all-new work week. There is much fear in the air about the Covid-19 virus and how it will impact the media and marketing services ecosystem. Since we’ve not experienced anything like this ever before, we thought it would be wise to ask Dr Bhaskar Das for his words of wisdom. Read on for his views…

 

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Q. The Covid-19 virus seems to be having a devastating impact on our economy and naturally the media and marketing services sector. How should we be reacting to this ever-changing and dynamic world?

 

A. It seems we are confronted with the worst kind of medi-eco crisis. The world is looking like a small global village where if one village (read individual) sneezes, others catch a cold. In my lifetime, I have not been exposed to the economic side effects of a pandemic. Inspite of being an incorrigible optimist, I get a Spiderman sense of a mega-recession. We are all connected today both in terms of intra- and inter-country or sector. So the domino effect on each sector or country could be unfathomable. Reverse globalisation has ushered in to protect citizens. It can have disastrous consequences on multiple sectors, would result in job loss etc etc. The response strategy to this scenario can’t be loosening of  fiscal and monetary policy to stimulate demand.

 

Also, would global health care system tackle the enormous burden of keeping its citizens santised from pandemic? Can social distancing and vibrant  commerce can live together? Actually it’s very scary to even contemplate.  But I don’t want to take a dystopian view of the new normal. I pray that the gloom gets over soon. I feel something good would come out of this crisis too.

 

 

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