Restarting Societies and Economies—Safely
In the global battle against the novel coronavirus, the world is at a delicate transition point. Although the fight is far from over, extraordinary efforts have allowed many countries to flatten the curve of new cases and enabled others to reduce the number to nearly zero.
Now, the challenge is for countries to open up society and restart the economy—but without sparking a new wave of infections and deaths. It’s a task that will require a concerted and coordinated effort on the part of all stakeholders in the private, nonprofit, and public sectors.
BCG has been working with our clients around the world to fight COVID-19 and help them face the multidimensional challenges of what is fundamentally a new reality. In the weeks ahead, we will be sharing what we are learning about scenario planning and other topics.
The fight will be long. Businesses and society must plan for multiple scenarios to survive the crisis and emerge stronger.
BCG’s analysis uncovers the reasons for the large disparity in the number of deaths for white people and for people of color in the US.
Protecting the vulnerable would provide societies with a path to contain the virus, reopen most businesses, and return to schools without reverting to lockdowns.
There is a proven strategy for winning the fight. To deploy it effectively, governments must address four critical imperatives.
Keeping the vulnerable out of the hospital radically reduces the health care burden and dramatically raises economic options.
Reducing exposure among those who are vulnerable to adverse health outcomes will benefit the healthy, the economically vulnerable, and society overall.
Public officials routinely evaluate tough spending choices. They should use a similar approach to assess the health, economic, and social tradeoffs of reopening economies.
CEOs should respond proactively, act decisively, and provide a clear agenda. Focusing on five priorities now is key.
Three strategies for fighting the coronavirus and restarting economies have emerged. The most popular one is the most unstable.
This five-pronged approach to reopening has proved to be effective, even as companies tailor their return to their specific culture and context.
Governments must start planning for a post-COVID-19 world that brings bigger benefits to more of society and business. Three priorities stand out.
How to build sustainable business advantage in a world where great is no longer good enough