Technology Will Redefine Post Coronavirus Economy

The Covid-19 pandemic is set to revolutionise the way the world works and redefine the global economy according to the CEO of Investment Bank Aquaa Partners.

Paul Cuatracasas (pic) said the world’s decision to move to a period of self-isolation and social distancing has seen huge numbers of employees laid off or furloughed, with firms looking at technology to fill in the gaps appearing in the global supply chain.

He said the use of drones and autonomous vehicles in China during their period of isolation in recent months has highlighted that the technology works and as such the genie is effectively out of the bottle.

“When a new technology comes into being and is proved to work then its take up increases,” he said. “We have seen the use of robots and drones which can carry goods over extended areas has been proved to work in China. The world has to prepare for the next pandemic and as such technology is likely to play an increasing role in the global supply chain.”

Mr Cuatracasas said the movement of goods will also change.

“As we come out of this pandemic it is likely that Western Europe, the US and Canada will look to reduce its reliance on China for manufactured goods and seek to manufacture them locally. The growth in 3D printing may well in the future see certain products manufactured close to the client which will reduce delivery times and costs.”

He said that the market will need to look at the risks that will come with a move to autonomous transport, but the benefits will outweigh the downside both socially and financially.

“At present this pandemic has firms asking staff to put themselves in contact with the public be it in shops or delivering goods. The use of drones of autonomous vehicles would remove that threat to life. It will only be when the pandemic ends and we are able to examine the impact and the number of deaths of those who are delivering goods and services.

“Yes, it is very likely that when the use of drones increases, we will see accidents, but all new technology and advancement sees accidents. For instance, the space, and autonomous car markets have suffered accidents and sadly loss of life.

“The world we knew before the arrival of Covid-19 is not likely to return.”