{"id":29782,"date":"2020-05-05T12:00:00","date_gmt":"2020-05-05T10:00:00","guid":{"rendered":"https:\/\/www.fundacionbankinter.org\/noticias\/what-is-the-impact-of-covid-19-on-the-economy-and-the-workplace\/"},"modified":"2020-05-05T12:00:00","modified_gmt":"2020-05-05T10:00:00","slug":"what-is-the-impact-of-covid-19-on-the-economy-and-the-workplace","status":"publish","type":"noticias","link":"https:\/\/www.fundacionbankinter.org\/en\/news\/what-is-the-impact-of-covid-19-on-the-economy-and-the-workplace\/","title":{"rendered":"What is the impact of COVID-19 on the economy and the workplace?"},"content":{"rendered":"<p>At the Bankinter Innovation Foundation we have held a <strong>series of webinars to learn about the impact of COVID-19 on the workplace and in the different social and economic areas<\/strong> and the opportunities we can find within this situation.<\/p>\n<p>The second webinar in the series, &#8220;Impact on the economy and the workplace&#8221; has served to <strong>unravel the uncertainties and opportunities that the Covid-19 crisis is causing in these areas.<\/strong><\/p>\n<p>Moderated by M\u00aa Teresa Jim\u00e9nez, Director of Communication at the Bankinter Innovation Foundation, the experts of the Future Trends Forum, <a title=\"Jos\u00e9 Garc\u00eda-Montalvo\" href=\"https:\/\/www.fundacionbankinter.org\/ftf\/expertos\/jose-garcia-montalvo\" target=\"_blank\" rel=\"noopener\">Jos\u00e9 Garc\u00eda-Montalvo<\/a>, Professor of Economics at the Universitat Pompeu Fabra and <a title=\"Albert Ca\u00f1igueral\" href=\"https:\/\/www.fundacionbankinter.org\/ftf\/expertos\/albert-canigueral\" target=\"_blank\" rel=\"noopener\">Albert Ca\u00f1igueral<\/a>, Founder of OuiShare Barcelona, participated in this webinar.<\/p>\n<p>These are the <strong>most relevant points of his interventions:<\/strong><\/p>\n<div class=\"youtube-embed-wrapper\" style=\"position: relative; padding-bottom: 56.25%; padding-top: 30px; height: 0; overflow: hidden;\"><iframe loading=\"lazy\" class=\"videoYoutube\" style=\"position: absolute; top: 0; left: 0; width: 100%; height: 100%;\" src=\"https:\/\/www.youtube.com\/embed\/3Qn78QZfJr8\" width=\"640\" height=\"360\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/div>\n<p>For this expert,<strong> the lack of accurate and reliable information makes any prediction in the economic field irrelevant. <\/strong>Quoting the Governor of the Bank of Spain, Jos\u00e9 comments that the uncertainty is so great that it is very difficult to prepare macroeconomic projections using the usual methodologies.<\/p>\n<p>Based on this premise, <strong>Jos\u00e9 Garc\u00eda-Montalvo gave us some keys:<\/strong><\/p>\n<ul>\n<li><strong>In the international arena, deglobalization is not on the agenda<\/strong>; It is not positive for anyone and he does not believe that it will happen. There will be, however, a <strong>strategic reserve of some essential products. <\/strong>Regarding the role of the European Union, pessimism due to the lack of coordination in all areas. <\/li>\n<li>Within all the uncertainty, only one thing is clear: <strong>public debt will rise drastically <\/strong>and this means that, in our expert&#8217;s opinion, young people have a very uncertain job future.<\/li>\n<li><strong>The pandemic is going to bring economic innovations of the first magnitude: <\/strong>measures that were not contemplated before and that were considered &#8220;economic anathemas&#8221;: He cited as examples, among others:\n<ul>\n<li>Negative nominal interest rates.<\/li>\n<li>Perpetual debt.<\/li>\n<li>The monetary financing of public spending.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Big tech will increase their power.<\/strong>  For the GAFAM (Google, Amazon, Facebook, Apple and Microsoft), the crisis has been a boost. As an example, Jos\u00e9 referred to the 100,000 new workers that Amazon has hired. <strong>Stricter regulation will be necessary<\/strong>, according to our expert, <strong>to prevent monopolies.<\/strong> <\/li>\n<li><strong>Regarding basic income,<\/strong> initially proposed by Milton Friedman, Jos\u00e9<strong>is in favour<\/strong> of it and believes that COVID-19 has accelerated its implementation. Given its complexity, I would be in favour of doing it <strong>temporarily<\/strong> in order to improve it later. <\/li>\n<li><strong>The next economic &#8220;shocks&#8221; will surely be produced<\/strong><strong> by new pandemics or bioterrorism<\/strong>, so it is necessary to prepare and invest in R+D not only technological, but also medical and economic. In the technological field, Jos\u00e9 is committed to<strong> Machine Learning <\/strong>as a basic modeling and prediction tool, as well as <strong>bots for citizen service <\/strong>and mobile <strong>tracking apps <\/strong>for tracking and controlling infected people. <\/li>\n<li>Finally, our expert was hopeful that the pandemic crisis is relegating &#8220;fake news&#8221;. In the face of such a severe event, citizens look for reliable and verifiable sources. <\/li>\n<\/ul>\n<div class=\"youtube-embed-wrapper\" style=\"position: relative; padding-bottom: 56.25%; padding-top: 30px; height: 0; overflow: hidden;\"><iframe loading=\"lazy\" class=\"videoYoutube\" style=\"position: absolute; top: 0; left: 0; width: 100%; height: 100%;\" src=\"https:\/\/www.youtube.com\/embed\/T_Zy0C7MGsU\" width=\"640\" height=\"360\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/div>\n<p>For his part, <strong>Albert Ca\u00f1igueral, offered us his vision of the business and labor field.<\/strong><\/p>\n<p><strong>He illustrated the impact of the crisis<\/strong> in these areas with the image of a <strong>&#8220;digital surprise exam&#8221;<\/strong>: the COVID-19 crisis has arrived so quickly and is so strong that there <strong>has not been time to prepare.<\/strong> Therefore, it <strong>affects the different types of companies in very different ways:<\/strong><\/p>\n<ol>\n<li><strong>Digital platforms are the most prepared. <\/strong>Since innovation and agility are in their DNA, digital platforms have already reacted.<br \/>\nThe <strong>main trends of the platforms <\/strong>are the move to <strong>digital messaging<\/strong> (such as Cabify), <strong>intermediation in more areas <\/strong>(such as Uber with job offers for its associates) or<strong> virtual experiences<\/strong> (such as AirBNB).<\/li>\n<li><strong>The most digitized companies, <\/strong>which are reacting well. The main trends of this type of company are <strong>teleworking<\/strong>, the <strong>design of new office spaces<\/strong> to adapt to protection standards, the use of<strong> various devices to access remote work<\/strong> and <strong>more human relationships.<\/strong><br \/>\nAlbert believes that these trends are here to stay. <a title=\"As he told us in this interview\" href=\"https:\/\/www.fundacionbankinter.org\/blog\/noticia\/future-trends-forum\/-se-impondra-el-teletrabajo-despues-de-la-crisis-del-covid-19-\" target=\"_blank\" rel=\"noopener\">As he told us in this interview<\/a>, teleworking will not be as intense or as massive, but it will change the way we relate to the company.<\/li>\n<li><strong>Less digital companies.<\/strong> The trend is towards <strong>collaboration and cooperation between them<\/strong> and with the previous two.<\/li>\n<\/ol>\n<p><strong>With regard to the labour market<\/strong>, the increase in unemployment and the loss of income by groups such as the self-employed and temporary, <strong>is increasing the digital divide. <\/strong>Just over 20% of workers can telework, so confinement is seen as a class privilege.<\/p>\n<p>In this environment, <strong>collaborative and cooperative initiatives are emerging in all areas of work<\/strong>, from the self-employed to domestic workers.<\/p>\n<p>For Albert, <strong>the future lies in digitalization and ecosystems.<\/strong> <em>&#8220;The challenges are so great that no one can solve them alone.&#8221;<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Our experts Jos\u00e9 Garc\u00eda-Montalvo and Albert Ca\u00f1igueral give us the keys to how the COVID-19 pandemic has changed and will change the economy and work.<\/p>\n","protected":false},"featured_media":5784,"template":"","meta":{"_acf_changed":false,"_oaas_summary":"","_oaas_audio_url":""},"categories":[192],"class_list":["post-29782","noticias","type-noticias","status-publish","has-post-thumbnail","hentry","category-economic-development"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Impact of COVID on the economy and the workplace<\/title>\n<meta name=\"description\" content=\"Cycle of webinars to learn about the impact of COVID-19 in the workplace and in the different social and economic spheres\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.fundacionbankinter.org\/en\/news\/what-is-the-impact-of-covid-19-on-the-economy-and-the-workplace\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta 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