Create Growth and Economic Recovery Post-COVID-19 the Way Paul Haarman Suggests
By Space Coast Daily // November 15, 2021
For preserving existing business and new creations, governments are taking different policy options. However, citizens have to evaluate a combination of these policy options for supporting economic recovery. In such a scenario, it’s worth it to grab a look at recent happenings and policy decisions. For increasing investment, there are different ways of engaging in direct capital injection.
It can be grants, loans, or assets. Injecting capital in the banking system and increasing public-private partnerships is at the top of the priority list. Every enterprise wants to attract FDI or foreign direct investment to streamline its processes and mitigate the losses. So, it is a combined effort of public and private enterprise for ensuring recovery of the market.
Paul Haarman says that governments are making vital decisions for approaching the present economic issues
Governments are trying to stimulate growth and reduce debt. However, the process is not easy.
Whether it is the large or small economy, simultaneously tackling these issues does not come easy. Hence, dealing with economic recovery and balance sheets needs a proper strategy. Governments are thereby taking actions to enable economic recovery and reduce expenditure.
They are trying to create a positive ROI or return on investment by taking examples from the global setting. Whether it is political will, legislative structure, or national policy decisions, every government is undertaking changes and developing a new approach.
Go for a global or local-oriented approach
One of the critical decisions that every country takes is whether they have to go for a global or local-oriented approach. Remember that these are challenging times, and thereby systematic insolvency has become a reality.
Whether domestic or international inequality and challenges, the supply chain has come under attack, states Paul Haarman. Hence, governments are trying to prioritize local monetary recovery over other aspects. Countries are relying upon the global supply chain and cash flow. Believe it or not, the international situation has changed drastically.
The proactive role of the private sector in national economic growth
The second important area where governmental policies are hinting at is the increased role of the private sector. Whether the operating model or overall structure, the partnership between the public and private sectors has become significant.
Apart from this, Paul Haarman explains that there are different determinants like citizens, businesses, private institutions, and core institutions. In all these areas, a proper balance of public and private activities is vital.
Decentralized planning and its impact on the market
In the present situation, local government and decentralized institutions are playing an important role. Local empowerment is the primary agency that is driving economic recovery. It has helped them add to their national security.
Hence, governments are more concerned with investment at the local level, identifying and supporting industries, promoting domestic expenses, protecting local businesses, safeguarding industries, and promoting exports. They are more interested in creating a society that is inclusive, self-sufficient, and equitable. Thus, countries are trying to analyze the available opportunities for building resilience to the crisis. The economy needs strategic planning on the road to recovery.