Monday , April 12 2021
Home / Amol Agrawal: Mostly Economics / How Bahamas, Sri Lanka, and Uganda fight the pandemic’s disruption with technological innovation

How Bahamas, Sri Lanka, and Uganda fight the pandemic’s disruption with technological innovation

Summary:
Steven Dorst in this IMF article reflects on lessons from three countries: Never let a serious crisis go to waste.” Innovators around the world are taking the saying seriously, responding to the disruption caused by the COVID-19 pandemic with creative digital solutions. The initiatives we highlight here are markedly diverse: the overnight transformation of Sri Lanka’s 125-year-old live tea auction; the world’s first central bank digital currency in The Bahamas; and the rapid pivot from a taxi-hailing app in Kampala, Uganda, to a thriving e-commerce platform. All three share a common characteristic: an innovative, entrepreneurial spirit born of an urgent need. The Bahamas initiative responded to a need to extend financial services to residents of remote islands whose lack of access was

Topics:
Amol Agrawal considers the following as important: , , , ,

This could be interesting, too:

Amol Agrawal writes Will RBI’s new inflation forecasting model help?

Amol Agrawal writes The Man Who Discovered Capitalism: A Documentary on Schumpeter for Use in the Classroom

Amol Agrawal writes Measuring human capital: Learning matters more than schooling

Amol Agrawal writes How high-speed rail changes the spatial distribution of economic activity: Evidence from Japan’s Shinkansen

Steven Dorst in this IMF article reflects on lessons from three countries:

Never let a serious crisis go to waste.” Innovators around the world are taking the saying seriously, responding to the disruption caused by the COVID-19 pandemic with creative digital solutions.

The initiatives we highlight here are markedly diverse: the overnight transformation of Sri Lanka’s 125-year-old live tea auction; the world’s first central bank digital currency in The Bahamas; and the rapid pivot from a taxi-hailing app in Kampala, Uganda, to a thriving e-commerce platform.

All three share a common characteristic: an innovative, entrepreneurial spirit born of an urgent need. The Bahamas initiative responded to a need to extend financial services to residents of remote islands whose lack of access was exacerbated by extreme weather. In Sri Lanka, the tea industry—fundamental to the economy and employing millions—came to a sudden halt when COVID-19 prohibited the weekly tea auction from convening. And in Uganda, people’s ability to get food and medicine and earn an income was severely hampered by the pandemic lockdown.

While the ingredients for success vary in each country, there is one constant: there was an enabling environment for these initiatives to germinate and quickly become reality. The end result? Innovative, homegrown initiatives that help millions of underserved people be financially included and have a better shot at prosperity.

Amol Agrawal
I am currently pursuing my PhD in economics. I have work-ex of nearly 10 years with most of those years spent figuring economic research in Mumbai’s financial sector.

Leave a Reply

Your email address will not be published. Required fields are marked *