Study underscores importance of technology in accelerating economic recovery by 2021

Study underscores importance of technology in accelerating economic recovery by 2021

Wednesday, December 02, 2020

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BRIDGETOWN, Barbados (CMC) — Microsoft Caribbean says a study it commissioned on how to accelerate economic recovery in the Caribbean by 2021 has identified 29 investments in technology to accelerate economic recovery in 16 sectors in the region.

Microsoft Caribbean said that the study was conducted by FrontierView, a leading global market intelligence and advisory firm that works across technology, consumer goods, industrial, and healthcare companies.

It said that the study was also aimed at analysing the impact of the COVID-19 pandemic on industries in different Caribbean countries.

The “Roadmap to Economic Recovery: The Caribbean” study details how new technologies can help governments, businesses and citizens to accelerate recovery and emerge stronger from the pandemic and achieve higher income levels.

According to the study, as a region it is likely to take several years for the Caribbean's economy to rebound to pre-pandemic levels. However, it is important to note that there will be significant differences between industries.

Among those with faster recovery times are construction (infrastructure projects), the pharmaceutical industry, medical technology equipment, and agriculture with pre-pandemic income levels reached during the first quarter of 2021.

By contrast, retail, manufacturing, extractives, construction (residential and commercial), and hospitality and tourism would not recover this level of income during 2021.

The FrontierView's study identified technology investments that would accelerate the recovery of 14 sectors, including the government, according to their current needs and investment profiles.

The study highlighted companies that entered the pandemic with a strong financial position and noted that they were not as heavily impacted, or perhaps even accelerated their sales during the pandemic.

The study also found that companies with productivity solutions were heavily impacted by COVID-19 or were in less favourable financial positions.

The study found that companies with cash generation solutions were in the most delicate position, having been most aggressively impacted by the pandemic.

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