Outlook: Current state of the world economy
When the world economy is shaken by the ongoing pandemic, theories flow and the economic outlook is painted in dark colors. The West Sweden Chamber of Commerce presented statistics and forecasts that give us a more nuanced picture of both the present and the future. Julia Viklund reflects on the outlook of the world economy.
On the morning of April 14, the West Sweden Chamber of Commerce held their annual member seminar on the current state of the world economy. This time, the forecast was marked by the ongoing pandemic that has shaken the world economy in recent months. What is happening to the economy? How are we affected as a society and organizations? How are we affected as individuals? All of these questions are circuling around me, and probably around many other people, but they are very difficult to answer. What is happening in the world is different from a regular financial crisis, it is something new.
Sweden is breaking trends
The presenters tried their best to give us a nuanced picture of what is happening and how it can affect us all. By interpreting figures and forecasts that exist, various scenarios and effects that this pandemic can bring to light were depicted. Probable scenario based on today's figures and forecasts is that we end up in the U-scenario, which would then mean a relatively quick economic recovery based on both consumption and production returning to "normal" levels. What stands out is that Sweden is breaking trends compared to many other countries, among other things, demonstrating high attendance at work, continued consumption and not as high a forecast for the increase in government debt. The conclusion that was presented is that we are in a serious situation but not impossible.
Impossibility is part of everyday life
After further reflection, we have already seen some effects in Sweden such as reduced mobility in society, increased unemployment and reduced production. At the same time, innovation and solutions are born, such as increased digital work, applications, opportunities to support local players by purchasing take-away food, organizations that change their production or train their staff to support the society. One thing we have seen at Ekan is that what seemed completely impossible a couple of weeks ago is now part of everyday life.
Today's important message that I took in is: let's roll up our sleeves and work together to find innovative solutions. Let's work together for a better future.