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Emerging Change: Exploring the New Economy Paradigm

Author

Listed:
  • Rao K.V.Ch.Madhu Sudhana

    (Manager - Analytics, Cerner Healthcare Pvt. Ltd., Bangalore, Karnataka, India)

  • Kolluru Mythili

    (Assistant Professor, Professional Studies and Undergraduate Dept., College of Banking and Financial Studies, ; Muscat, Oman)

  • Hyams-Ssekasi Denis

    (Lecturer and Research Co-ordinator, Institute of Management, University of Bolton, Deane Road, Bolton, BL3 5AB U.K)

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.

Suggested Citation

  • Rao K.V.Ch.Madhu Sudhana & Kolluru Mythili & Hyams-Ssekasi Denis, 2022. "Emerging Change: Exploring the New Economy Paradigm," Economics, Sciendo, vol. 10(1), pages 157-180, June.
    • Handle: RePEc:vrs:econom:v:10:y:2022:i:1:p:157-180:n:11
    DOI: 10.2478/eoik-2022-0011
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    References listed on IDEAS

    as
    1. Delios, Andrew & Perchthold, Gordon & Capri, Alex, 2021. "Cohesion, COVID-19 and contemporary challenges to globalization," Journal of World Business, Elsevier, vol. 56(3).
    2. Simon J Evenett, 2019. "Protectionism, state discrimination, and international business since the onset of the Global Financial Crisis," Journal of International Business Policy, Palgrave Macmillan, vol. 2(1), pages 9-36, March.
    3. Moid U. Ahmad & James Murray, 2019. "Understanding the connect between digitalisation, sustainability and performance of an organisation," International Journal of Business Excellence, Inderscience Enterprises Ltd, vol. 17(1), pages 83-96.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    new normal; paradigm; post COVID-19; digitalization; structural changes; hybrid-work; economy;
    All these keywords.

    JEL classification:

    • B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • E66 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General Outlook and Conditions
    • F18 - International Economics - - Trade - - - Trade and Environment
    • F43 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Economic Growth of Open Economies

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