Will An Economic Boom Follow COVID-19?

A booming decade post COVID-19 might be in store, says Rich Karlgaard in a Forbes article. The 1920s saw a boom of creative energies after the Spanish Flu and World I. Cities like New York, London, Shanghai, and Tokyo all underwent mass economic growth. New technologies such as cars and radio came about.

Here are four technology trends Karlgaard predicts will be instrumental in the “booming 2020s”:

Accelerated Digital Productivity
COVID-19 progressed digital technology for us at a faster rate than it would normally take. COVID-19 forced companies to become smarter, faster and nimbler. Companies that did not embrace the change often failed. Karlgaard predicts the “2020s will be the Agile Decade,” when it comes to business decision making.
Scalable AI
AI will become ubiquitous as the cheaper cloud computing will be and faster communications such as 5G. The 2020s will be a decade of enterprise AI, predicts Karlgaard.
Capital Surplus
With digital technology acceleration and more AI, it will disrupt traditional business models and markets, fueling the worlds’ capital, making it easier for entrepreneurs to get funds for startups.
Physical World Revelations
Drone cameras can be used to raise agriculture yields. Autonomous trucks don’t need to take rest breaks. Gene sequencing in combination with AI can be used to create personalized medical treatments for patients. We’ll soon start to see physical-world applications.

The Caveats of an Economic Boom

The saying “history repeats itself” might be true. The 1920s saw an awful stock crash and great depression that almost derailed the decade. Prosperity was very uneven, cities boomed, whereas those in rural areas did not. Karlgaard says, in the article, “Don’t expect the 2020s to be all good news. But it will be thrilling.”

For those in IT, it’s time to embrace the changes of the 2020s.

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