COVID-19 Has Crushed Everybody's Economy—Except for South Korea's

Despite a nationwide months-long coronavirus lockdown in Norway, the economy was able to remain stable due to a "decades-long effort to create an equitable economy" that helped the government to enact a package that provided businesses and self-employed individuals' tax relief and deferrals. Although Norwegians pay roughly the same amount of taxes that Americans do, their taxes largely pay for social welfare programs which include unemployment benefits, retirement pay, and health care coverage. This "national ethos of economic equity" is what helped the country to navigate the pandemic.

In Cleveland, Ohio, several small businesses have joined a co-op of companies using an employee-owned model to help with the financial constraints brought on by the coronavirus pandemic. Although the process of joining the cooperative can be complicated, it has shown promise for increased business stability and, already, employees have reported it has helped with personal finances.

During the COVID-19 pandemic, owners of the French bistro Bell's took a financial risk and began investing more money in their employees to incentivize working, increase employee satisfaction and retention and overall drive more profits. The decision has since paid off and is reimagining the traditional restaurant structure.

The Japanese government is embracing the idea of "workation" trips for employees across industries as a means to "help the travel industry and keep the economy ticking" as the country moves forward in the wake of the coronavirus pandemic. Discounts for various travel resources have encouraged 4.2 million people to try out the idea which has been made even more feasible due to the widespread adoption of remote teleworking.

The Netherlands approach of balancing the potential for future economic hardship with the current risk of Covid-19 spreading has appeared to have helped the country to flatten the curve of cases faster than other areas that implemented mandatory lockdown measures. Although critics of this "controlled distribution" approach point out that the country has still seen thousands of deaths and could see future waves of outbreaks, at this point in time, "the Netherlands has both flattened the curve and kept life tolerable."

The Swiss government's economic stimulus package for small business is being lauded around the world for its speed and efficiency. They have pledged $40 billion in emergency loans to support small businesses during the coronavirus pandemic. The application is only a page long, the loan is interest-free, and businesses receive the money almost immediately. Their success is credited to their insular network of businesses and political elites that made the rollout exceptionally quick.

As restaurants across the nation have been forced to close their doors during the coronavirus pandemic, some are turning to creative means to help account for the loss of revenue. In Philadelphia, restaurants have created a virtual tip jar to encourage patrons to "donate a tip" to a person or business while in San Francisco a restaurant owner has created a Facebook group that helps connect out of work servers with childcare jobs.

To save dozens of restaurants in San Francisco during the coronavirus lockdowns, a restaurant owner launched an organization that "provides monthly contracts to its restaurant partners to cook meals for underserved populations." The organization, which has 160 restaurant partners so far, helps fill the gaps left by the government-funded Paycheck Protection Program.

As a second surge of the coronavirus pandemic spreads throughout much of the world, some manufacturers in the West have found ways to successfully avoid the economic fallout despite heightened restrictions. In one case, a manufacturing company "began requiring masks, banned employees from congregating during breaks and started checking their temperatures at the door," which initially decreased efficiency and productivity; but, as the employees continued to stay healthy, business returned, and the company is now "on track to meet its most ambitious forecast."

The coronavirus pandemic highlighted the ways in which the food system is broken, but governments, NGOs, and philanthropists are working to address the discrepancies by connecting small-scale farmers of color with businesses that can purchase their produce at fair rates. “For the first time, they felt connected with a real community. For the first time, they felt they were getting paid what’s right for what they’re growing,” a business advisor for one of the operations explains.