Ask anyone today, and they would want to jump at the first opportunity to return to their normal lives. Or, to a covid-free world that is happier, healthier, and a great place to live! It’s time for countries to reset and reinvent everything --from perspectives, systems, innovations, industries and most importantly, valuing human welfare and human capital. We need to reinvent the economic wheel, create new employment opportunities, accommodate the jobless and also ensure physical and mental well-being. And yes, hope for a magical cure and vaccine for corona to manifest.
As the pandemic continues to rage, infecting millions and suddenly disrupting economies and highlighting vulnerabilities, it has forced governments, leaders, industries to take harsh decisions, close borders, enforce lockdowns, cut jobs, and struggle to keep the economy and businesses afloat. This pandemic has brought into focus the gaps in our systems and policies, and offers us a chance to reinvent and shape a more inclusive, resilient and sustainable world. In this scenario, some countries have beaten these blues alongside the corona challenge and in the process, sketched a roadmap that needs to be filled as we go along our lives. New Zealand was the first country to beat corona . It’s Prime Minister Jacinda Arden, shared in the media that she did a ‘little dance’ to celebrate the news. Fiji Prime Minister Frank Bainimarama wrote on Twitter after Fiji cleared the last Covid19 patients: “And even with our testing numbers climbing by the day, it’s now been 45 days since we recorded our last case. With no deaths, our recovery rate is 100 percent. Answered prayers, hard work, and affirmation of science!”
So what’s the secret to their success? It’s their belief in people-power, that never-say-die-spirit, which no robot can replicate. It’s the economies of well-being. In these trying times, citizen well-being is becoming an important focus besides the economic health/growth to measure a country’s success. Angel Gurria, secretary general of Organisation for Economic Co-operation and Development (OECD)— defined Economy of Well-Being as the ‘capacity to create a virtuous circle in which citizens’ well-being drives economic prosperity, stability and resilience, and vice-versa, that those good macroeconomic outcomes allow to sustain well-being investments over time’.
This hints at putting people at the centre of growth policy and shifting approach towards a model that is equitable and sustainable from the outset. The 2019 World Happiness Report by UN Sustainable Development Solutions Network, ranks 154 countries on six parameters that support well-being of its people. These include social support, healthy life expectancy, income, freedom, trust and generosity.Concepts and frameworks of measuring and promoting well-being have already been integrated into government policy by some countries including Bhutan and the United Arab Emirates. In 2019, New Zealand created, possibly, the world’s first Well-Being Budget with billions released for supporting mental health, child poverty, measures to tackle family violence, and transitioning to a sustainable low-emission economy.
This sudden shock to our lives, lifestyle, and livelihoods in the effort to contain the virus and save lives has impacted our social and economic networks. There are major lessons from this ‘new normal’ which will help transition to the ‘next normal’ and reinforce the concept of ‘Economy of Well-Being.’
It is critical for countries to now prioritize people and their welfare. Besides constant pressure on the healthcare system, lockdowns around the world reported a surge in domestic violence cases and leaders were seen requesting the public to stay calm in order to tackle the bigger crisis. With rise in violence the real challenge is in providing support service accessibility. It is also important to focus on connecting newly unemployed to other opportunities available and help them acquire new skills.Ease critical expenses and provide some financial support to people and businesses. It could be as simple as extending income tax and property tax filing deadlines.
Understanding economic trends and focus on adaptive long-term solutions making the economy self-reliant is the new focus and ‘Vocal for local’– the new mantra.Resilience with Agility may need to be the new approach, where scalability and automation will become critical. In the new world it will be important to re-imagine and re-assess consumption, supply, interaction and productivity.With the ability to work from anywhere, flexibility in time and evolving skills around technology, gig economy is attracting more people now as it’s something that fits the new reality and gives space to explore and realise one’s potential.
Leadership in times of crisis management requires creativity, collaboration, empathy, and adaptability. New Zealand prime minister, Jacinda Arden has become popular with her authentic leadership style and believes a leader should be able to empathize with the situation of others. Her favourite exhortation “be kind” to one another has caught attention and won admiration by her people and also around the world. She has repeatedly called the country “our team of five million.”
The pandemic may put various constraints, yet unleashes creativity exponentially. It begins with YOU.
(The writer is a Design Thinker, Author, Academician