Many economists have made it very clear that we should expand the use of digital financial services to bring about economic development and poverty reduction after the pandemic
Finance professionals should immediately come up with solutions to handle the global financial crisis brought on by COVID. You have to place your hopes on them to flush oxygen of cash into global business. No doubt, they are trying to keep the economy moving even in such a dire situation. The entire planet has to undertake measures to overcome the economic crisis confronting us.
If the businesses do not go back to normal soon, then assets would lose value. The pandemic will create liabilities that will be beyond measure and human control. The epidemic has also undermined people’s faith in financial organizations.
Arlington capital management declares COVID to be a brewing storm
Professionals have to understand the risk, but they also have to utilize the opportunity to craft a way to deal with the storm. After indicating the uncertainty, they have to devise plans to deal with the prevailing financial risk in the world market. Chartered Accountants are capable of providing you with an insight into the world business, thereby shaping your financial decisions and your lives. They develop your understanding of the world economic crisis after the bruises inflicted by the corona outbreak.
What can be more troubling for you is understanding how the world will shape up after the disaster. You have to focus more on pressing the reset button so that the economy moves towards betterment. The global pandemic has made the situation so fragile that everyone is firefighting.
We should take into account the larger picture. Therefore, finance professionals should not only evaluate how society responds to the pandemic, but they should also ensure ways to help you come out of this global crisis. They have to act as professional problem solvers to bring people out of this crisis.
How to respond to the crisis?
Accountancy professionals are regarded as “business first responders” because they help move the economy even in moments of crisis. Apart from their association with financial organizations, they also provide necessary advice for keeping the economy together. People must come together to operationalize the economy in the post-coronavirus state. You need to ensure that all the institutions of the government, the business market, and the institutions of civil society and, of course, financial organizations need to function jointly for assisting in economic recovery. You have to adapt yourself in such a way so that you can develop new products and industries to deal with the crisis.
Evaluating interconnectedness of other issues
It would be best if you recognize the interconnectivity of the other problems such as livestock breeding, growing inequality, climate change, etc. to the economic instability of the world. You cannot put it in different buckets; instead, you have to understand their interdependency. You cannot compartmentalize social issues from financial issues. Coronavirus outbreak has made it evident that business and economy have deep roots in the successful working of society.
The problems of society and business functions are interconnected. If a country’s different sectors are not working correctly, then the world economic system will be affected. It would be best if you noticed that there are various groups in societies that are still lagging. The poor, the refugees, the elderly, and prisoners are not considered even in this moment of crisis.
Lockdown has also forced many domestic violence victims to extreme assault by their abusers. There are many instances where such abusive dictators undermined humanity. The coronavirus outbreak has indeed made many sections of the society more vulnerable, thereby pushing a lot of people towards poverty.
The time has come where you have to make appropriate choices to create a pathway that would take you to a better tomorrow than to a place where you started. Pandemic has also allowed you to select the appropriate way to move ahead with your choices. You can also declare financial advisors to be the new heroes who can help you wage a successful war against the virus.
Need for expanding digital financial services
Many economists have made it very clear that we should expand the use of digital financial services to bring about economic development and poverty reduction after the pandemic. The development of digital technology has made it possible for people to have access to these services. As the world is still grappling with the COVID-19 crisis, digital financial assistance would help create contact-less financial tools. These tools should be low on the budget to increase their popularity.
It would also generate more income for the poor, making them more resilient to deal with the crisis. You need to use the technology in such a way that it will not only lower costs, but it will also maximize the scale of the economy. You should also ensure that technology increases the transparency of transactions with better speed. Technological advancement should be accessible across geographical distance. Arlington capital management has pointed out that the proliferation of mobile money has emerged as the first wave of digital financial transactions worldwide.