EMERGING CHANGE: EXPLORING THE NEW ECONOMY PARADIGM

K.V.Ch. Madhu Sudhana Rao; Mythili  Kolluru; Denis  Hyams-Ssekasi

doi:10.2478/eoik-2022-0011

Authors

K.V.Ch. Madhu Sudhana Rao V.Ch. Madhu Sudhana Rao Kondaveti, Manager - Analytics, Cerner Healthcare Pvt. Ltd., Bangalore, Karnataka, India
Mythili Kolluru Mythili Kolluru, Assistant Professor, Professional Studies and Undergraduate Dept., College of Banking and Financial Studies; Muscat, Oman
Denis Hyams-Ssekasi Denis Hyams-Ssekasi, Lecturer and Research Co-ordinator, Institute of Management, University of Bolton, Deane Road, Bolton, BL3 5AB U.K

DOI:

https://doi.org/10.2478/eoik-2022-0011

Keywords:

new normal, paradigm, post COVID-19, digitalization, structural changes, hybrid-work, economy

Abstract

This paper examines and ascertains the dominant and latent characteristics of the new economy post COVID-19. It acknowledges the far-reaching repercussions and long-term societal and economic impacts caused by COVID-19. The study administered online questionnaires to professionals globally and conducted online semi-structured interviews of economists, entrepreneurs, and organizational leaders across ten countries. The study tested the hypothesis with the non-parametric Chi-square test. The interview transcripts were subjected to thematic and content analysis. The research findings have indicated the emerging changes in the economy and way of life leading to a new normal. Projections have been reported to increase digitalization and implementation in business, deglobalization, geopolitical developments, ﬂuctuations in macroeconomic variables, and climate change. The study further revealed that hybrid work strategies would be embraced, requiring the labor market to upskill and reskill to stay competitive. Digitalization of businesses will become essential to gain a competitive advantage in domestic and international markets. The paper predicts the anticipation of changes in human behavior regarding health, personal care, and consumption patterns. The study noted the variations in the new economic trends, possibilities, challenges, and coping strategies to survive and thrive in the new economic paradigm. Therefore, these research findings provide valuable and insightful economic releases which will have profound implications in the post COVID-19 world.

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