11 Jun Time to start transforming the economy
Whiplash Team, 11th June 2021
Time to start transforming the economy
The lockdown between March and June 2020 caused the Spanish economy to fall by 11%. This year, thanks to the vaccine and European funds, our economy, with a strong dependence on the tourism sector, is expected to begin to recover. It is time to ask ourselves what are the positive changes that we must set out to redesign the future.
When a little light begins to be seen after the health crisis generated by the COVID-19 pandemic, in various areas, there is already talk of starting the road to economic recovery. In this context, after a year and a half of semi paralysis a good part of the country’s productive network is in a critical situation, the dilemma arises between reapplying the known formulas or, on the contrary, attempting a major transformation of the economic system, that provides a solution to social and environmental problems, and that is more fair, collaborative and sustainable.
At Brandsmith, in April 2020, at the height of the pandemic, we considered the need to think about the new reality we would have to face once the health crisis that paralyzed the world for several months had been overcome and which predictably would lead to an economic crisis. That is why we convened a group of experts and friends who, for several weeks, shared their reflections and ideas with us in a series of interviews entitled Positive change for the day after.
The need to address a reconversion of the economic model and turn towards a circular economy, transforming science into sustainable development, assuming that companies must have – and do have – a commitment to society, and that it is necessary to be ethical and responsible to generate prosperity, are some of the topics that were addressed in the interviews conducted by Brandsmith’s CEO Christopher Smith. Also, the technological irruption in work, social and personal spheres, its influence in the configuration of a new reality and the changes that must be introduced in leadership to create a more harmonious society, as well as the need to build a more resilient society, which can better address the economic crisis resulting from the pandemic, were other themes discussed.
All these issues are back on the table now that the Government has presented a Plan for the Recovery, Transformation and Resilience of the Economy, which will serve as a guide for the implementation of 72,000 million euros of European funds until 2023, because it is now when we have the opportunity to design and launch a new beginning.
Now is the day after and many things have changed already. For instance, our consumption habits and the way we interact. Our priorities when looking for a home, buying and entertainment for example. The way we work and education. The way we view companies and brands. What we demand from our leaders in all areas: in the community, in the workplace, in the country.
It is time for change, for an economic transformation that allows us to sustainably take advantage of the natural resources being more responsible with our planet. It is a time that must lead us to reduce our dependence on the tourism sector and to diversify our sources of income by giving value to people, technology, and science. And at the same time, ensure a more equitable, participative, and prosperous tomorrow.