Reviving Economy During Corona

Coronavirus has impacted the world economy and as per IMF, the world GDP is slated to shrink by 3% in the current year. It's time when we start preparing ourselves to recover from this situation. Here are some possibilities which can help us bailout from the current depression in the world economy. 1. Coronavirus is a global catastrophe that has come with many learnings and motivations for future life. 2. The fiscal crisis spurred by the COVID-19 pandemic motivates regulatory reform, 3. Reforms in turn can speed up economic recovery. 4. The path to recovery needs transformed ideas and new ways to heal the businesses and revive economies 5. Like the idea of getting vocal for local gives new hope, there is a need for new local entrepreneurship and increased FDI 6. World economists believe that entrepreneurship can help the modern economy revive dynamically 7. Modern theories of the economy show that Startups make economies grow faster – as a source of innovation and new jobs. 8. After a Coronavirus disaster when lakhs of businesses are about to die it has become all the more essential to create a conducive environment for their reset. 9. The global analysis shows that countries with easier business regulatory processes tend to inspire more new business creation 10. Elimination of minimum capital requirement, reducing time and cost for business incorporation and property transfer procedures can also help new businesses establish 11. Apart from the traditional measures, innovative digital solutions can ease the entry of “recovery entrepreneurs” and property registration for new real estate owners. 12. Improving the business regulatory environment will not only bring benefits to domestic firms but also influence foreign investors to stay or enter the market 13. The latest data shows that the size of FDI inflows per capita is larger in economies with more flexible business regulations. 14. The FDI is a critical source of external finance, creating jobs thereby improving household incomes and lifting people out of poverty. 15. A blend of FDI and reforms is the new mantra for emerging markets and developing economies which suffered unseen capital outflows since the beginning of the pandemic crisis.