Technology is supposed to make our lives easier. It doesn’t always, but it certainly has during the pandemic. Imagine if this pandemic would have happened even 15 years ago – there would be no grocery or food ordering apps, limited infrastructure for video calls, and no way to keep kids learning while they shelter at home for safety. Technology has not only given us great conveniences during this pandemic and subsequent recession, but it has also allowed us to continue working, continue going to school, and has made us overall safer throughout. But how will all this technology help with the economic recovery once the pandemic is over?
This is probably the worst economic recession any of us has ever lived through. It’s also very different from others because it’s caused by disease rather than normal economic conditions. There are restrictions on what can and can’t be done to keep the economy going, which presents a special challenge.
Fortunately it came during a time when we have unprecedented access to technology. Imagine how much worse this recession could have been if we didn’t have access to the technology needed to keep companies running remotely or deliver healthcare via apps?
Tech will also play a major role in the economic recovery. Because a recession is a time when tech companies typically thrive because of necessary innovations, we are likely to see innovations that will reshape the economy and the world come out of this recession and pandemic. This is an opportunity to not just survive, but to also apply the principles of antifragility and come out of this recession even stronger than ever before.
The recovery will be propelled by remote work, giving more people greater access to job opportunities and more companies access to a wider talent pool than ever before. Companies will save on office space and the expenses that come with it, while workers will save on commuting and the expenses that come along with working outside of the home.
Learn more about how tech will fuel the economic recovery below.
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Last Updated on February 3, 2021.