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.
In the aftermath of the presidential election, the US has its last best chance to reset the fight against the coronavirus.
Governments cannot let the most vulnerable be the least protected again. Countries, regions, and states can still get the rollout right through science, hard work, and vigilance.
There is a proven strategy for winning the fight. To deploy it effectively, governments must address four critical imperatives.
Three strategies for fighting the coronavirus and restarting economies have emerged. The most popular one is the most unstable.
The fight will be long. Businesses and society must plan for multiple scenarios to survive the crisis and emerge stronger.
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.
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.
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.
This five-pronged approach to reopening has proved to be effective, even as companies tailor their return to their specific culture and context.
COVID-19 has massive implications for governments, including increased demand for public services and the need to improve resilience. To adapt, leaders must rethink governments’ roles and processes.
With no precedent to guide them, governments must create a strategy for reopening economic and social life. A graduated plan, governed at the national level and implemented at the local level, offers flexibility and opportunities for learning.
Governments must start planning for a post-COVID-19 world that brings bigger benefits to more of society and business. Three priorities stand out.
Government leaders need to reengineer their approaches to stimulus funding in four ways if they expect to fix what is broken and build robust and enduring economies.
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