Preparing For The Next Great Recession- Creating A Sustainable lifestyle Amid Global Economy

 There is no doubt that the world has undergone serious recession as a result of the menace caused by the Covid19 virus over the past two years. The effects of the pandemic was felt by all the continents and geo-political zones of the world. The pandemic has also highlighted several key vulnerabilities of our societies and economic system.
 Global interconnectedness has helped to create a huge economic and social benefits for decades, and has also facilitated the rapid spread of the pandemic. More broadly, the speed and depth of the economic crisis have shown that a core principle of the global economy are weighing short-term economic growth and efficiency over long-term resilience and this can have huge societal impacts.

The Governments' first step in tackling the situation has been to overcome the health emergency and to implement rapid economic rescue measures. Attention is now turning to preparing stringent measures for triggering economic recovery.

 Despite encouraging signs from governments, businesses and citizens, recovery plans have so far mostly fallen short. Many governments have recognized the need and opportunity of a sustainable recovery. For example, in April 2020, the G20 Finance Ministers agreed to commit to support an environmentally sustainable and inclusive recovery (G20, 2020)

In order for the country not to go into another wave of recession, it is important to be resilient to the impacts of climate change. Resilience to climate change is one specific aspect of improving the overall resilience of economies and societies. In particular, infrastructure networks will face increasing pressures from the impacts of climate change, but they can also play an important role in building a society's resilience to those impacts.

Infrastructural investment is likely to be a key component of recovery measures in many countries and it is equally important to ensure that infra structural investments are climate resilient and do not increase exposure and vulnerability. This will reduce direct economic damages from climate related disasters and minimize the indirect costs created by the cascading impacts caused by the disruption of both critical services and economic activities. 

It is also important for the government to engage in integrating more ambitious policies to halt and reverse biodiversity loss and restore ecosystem services. Biodiversity and ecosystem services are fundamental to economic activities and human health.

 Deforestation and other land usage have been linked to the spread of diseases. Investment in natural infrastructure such as reforestation and wetland and mangrove restoration offer employment opportunities.

 Investments targeted through stimulus packages need to better assess and value biodiversity and ecosystem services, and integrate these values into decision-making. In addition, government support that is potentially harmful to biodiversity must be identified and reformed.

Another way to create a sustainable lifestyle is to encourage innovations that builds on enduring behavioural changes. Continued technological and process innovation is very critical to achieving climate and other sustainability goals. However, the COVID-19 pandemic will affect cultural norms and behaviour in ways that are not yet known.

To be effective at creating jobs and improving resilience, stimulus packages need to take into account potential behavioural changes that could affect the different policy measures.

It is equally important for the government to improve resilience of supply chains, including through increased adherence to circular economy principles -this is necessary to reduce the effects of the pandemic on the economy of the country.

In conclusion, both public and private establishments need to work together in a cooperative approach in order to effectively ensure a sustainable lifestyle and stable economy.

Name: Okanlawon Adedayo Samuel

State code: OS/21A/3660

Course of study: Agricultural Extension and Rural Development

Institution: University of Ibadan

State of origin: Oyo State