EMERGING CHANGE: EXPLORING THE NEW ECONOMY PARADIGM
DOI:
https://doi.org/10.2478/eoik-2022-0011Keywords:
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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