Even after loosening its grip, the coronavirus will leave indelible marks on society. “It’s going to change how we think, live, work, learn, shop, travel and entertain,” says Kathryn C. McDonald, vice president and market strategy analyst, Chief Investment Office, Merrill and Bank of America Private Bank.
“History has shown that past disruptions of this magnitude, as painful as they can be, have often also boosted resourcefulness, productivity and innovation,” adds Joe Quinlan, head of CIO Market Strategy, Chief Investment Office, Merrill and Bank of America Private Bank.
The primary effect of the coronavirus, says McDonald and Quinlan, will likely be to greatly accelerate the pace of existing trends, such as digital engagement, remote work, e-learning, health care technology and rising public debt. What may have taken several years or decades to evolve is likely to become reality sooner than anticipated. As Microsoft CEO Satya Nadella stated, “We’ve seen two years’ worth of digital transformation in two months.”
A new white paper from the Chief Investment Office, The Great Acceleration: Speeding Toward a Post-Coronavirus World, examines some of these key trends for the post-coronavirus world.
Read the white paper for more information.