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  • Emily Shao
    • May 30
    • 2 min read

Examining the Global Economy's Post-Pandemic Rebound

The Covid 19 pandemic created a massive shift towards the global economy, leading to widespread disruptions in the supply chains, business closures, and an increase in unemployment rates worldwide. During and after the pandemic, the government attempted to mitigate the damage of Covid 19 through monetary raising and vaccine campaigns. From 2023 until now, the global economy has entered a phase of recovery, creating challenges and unique economic dynamics.


Factors that drove economic recovery


Public housing in Hong Kong (South China Morning Post, 2023)


  • Government Support: Governments around the world have been supporting businesses, industries, and individuals affected by the pandemic. For example, the Hong Kong government has been decreasing the rent for tenants in government properties such as public housing, which helps citizens who lost their jobs or source of income. 

  • Digital Transformation: During the pandemic, the number of people going outdoors decreased significantly. As a result, digital technology across industries has recovered. Companies that could quickly adapt and invest allowed them to gain a strong competitive edge. For instance, after the pandemic, the Chinese online shopping and delivery app named “TAO BAO” earned over USD 60 billion from 2019 to 2020, almost 30 times as much as the previous year before the pandemic. 


Mainland tourists throng the waterfront in Tsim Sha Tsui (South China Morning Post, 2023)


Pent-up Demand After Recovery: During the recovery period, the government slowly alleviated the restrictions due to the pandemic. According to the “Voice of America”, more than 8% of the citizens did not leave their city during the pandemic (Mekouar, 2023). According to the “China Peoples’ daily”, around 38% of the Chinese population did not leave town throughout the pandemic. These prolonged periods of lockdown and restrictions generated pent-up demand for customers worldwide. As the restriction policies were revoked, pent-up demand drove a surge across various sectors, such as travel, hospitality, and retail. 


Reference List


adminhk (2022). Hong Kong Business Post-Pandemic. [online] Hong Kong Company Registration. Available at: https://www.hkcompanyregistration.com/blog/hongkong-business-post-pandemic/ [Accessed 8 Apr. 2024].


Hkeconomy.gov.hk. (2023). Hong Kong Economy - Hong Kong Economic Situation - Latest Developments. [online] Available at: https://www.hkeconomy.gov.hk/en/situation/development/index.htm [Accessed 8 Apr. 2024].


Mekouar, D. (2023). Can Cities Remain Relevant If Hybrid Work Is Here to Stay? [online] Voice of America. Available at: https://www.voanews.com/a/can-cities-remain-relevant-if-hybrid-work-is-here-to-stay-/7187194.html [Accessed 8 Apr. 2024].


South China Morning Post. (2021). SCMP. [online] Available at: https://www.scmp.com/tech/big-tech/article/3131447/alibabas-taobao-live-reports-over-us60-billion-gmv-2020-china [Accessed 8 Apr. 2024].



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