Since the beginning of 2021 the vaccination rate allowed for a cautious prognosis for the end of the health crisis, while the worst predictions for the economic recession never came true. Moreover, the agile adaptation of businesses to the new reality may even support the possibility of a rapid economic recovery. History knows of many examples when after lengthy crises and shock, the economy has revived in unprecedented pace and scale. The quarter century that followed the devastation of WW2, is also known as the Golden Age of economic growth in Europe. Only 2 years after the end of the war, industrial production was back at pre-war levels at least in the victorious powers in Europe.2 Today’s more advanced corporate world with much more sophisticated innovation capacity has even better chances to lead the world to a new economic era after more than a decade of stagnation.
In March, an IMF report on the global economic prospects of 2021 suggested that GDP growth in most countries remains below pre-pandemic figures, however, economic recovery has been faster than expected. The global economy is set to grow 6% as compared to an October 2020 prediction of 5.2%. Among reasons for a better outlook, along with the advancement of vaccinations and fiscal support, the IMF highlights the continued adaptation of economic activity to subdued mobility.3 As we can see, businesses adapted quickly, and that adaptation, apparently has been perceived by the public as a sign of competence. And it looks like this may give the corporate world the public’s indulgence.
The COVID crisis that was predicted to kill business, instead offered the corporate world an unexpected opportunity to rebuild what the corporate world seems to have lost decades ago – trust.
While most crises that emerged in the 21 century from the Enron scandal in 2001 to the Financial Crisis in 2008, left businesses as the main culprits of the problems in terms of public
