Current time is very complex but it is not a clear crisis scenario yet. The globe is going towards the crisis. The point is, the crisis is a word that is represented in different languages as negative things, troubles, and difficulties, but in the sphere of Economics and Finance, crisis means time for opportunities. That implies things can be worst very soon, depending on every country because if public finance is not enough to face the COVID-19 challenge, subsequently, health and economic systems shall collapse.
As many people get stressed in critical periods, governments should put effort into two areas. The first should be to support the poorest people and detent the COVID-19 threat. The second effort would be to prepare economic systems to overcome this juncture. As the Latin proverb indicates, “Hic et nunc”, this is the moment to make decisions to fulfill at least the basic needs of people, and also this is the moment to set the economy for the future. The good news is, novel opportunities are coming to humanity because a lot of things are changing in human life.
To get those opportunities as such, governments across the world have to be aware of the dilemma behind current reality. That dilemma consists, meanwhile most countries are thinking just about the lockdown, other ones are preparing their economic structures to get an advantage promptly. That is the typical trade-off between short and long time decisions in public policy. In other words, this is the proper moment to transform economic systems which implies swift education systems too. That is because education systems determine the road that each country will continue. If education systems are focused on the development, they can provide outstanding citizens, if not, those systems just will provide workers.
Regarding setting the future, governments would have to manage public finance on strategic sectors of their economies. Agriculture has to be treated as a strategic economic activity by countries which have this vocation. In consequence, developing countries’ governments would prepare an economic strategy to reinforce their agricultural industries. That implies agriculture has to be managed as an industry, not as a primitive activity. It is not fair that in XXI century farmers of the poorest countries work as they would be two or three centuries in the past. Now it is necessary to invest important resources in agriculture if taking advantage of the coming crisis is the desire. That is because, when countries decide to invest and support seriously agriculture sector they are investing in a decent life for their citizens. To invest in the development of agriculture is equal to guarantee the population’s food sovereignty.
Finally, humanity is living the current situation but it does not mean this situation will not end. Precisely, this is the moment to do several changes economically and socially. Developing countries have to detent their dependence of the extractive economy. People and governments must think about the future and work on it without neglecting current days.