The economic models of today must be reimagined to take into account biodiversity and natural ecosystems
The COVID-19 pandemic has taught us many lessons. It made us realise that we are a part of nature and emphasised the urgent need to protect the ecological functions of the biosphere we live in. It has unequivocally highlighted how vital the health of the planet is for our individual and collective well-being as well as the growth of our economies.
The pandemic has resulted in huge economic losses. Globally, the GDP is expected to contract 2.4% to 8% in 2020. The World Economic Forum (WEF) estimates that the global cost of dealing with the pandemic could be from $8.1 trillion to $15.8 trillion. Preventing such pandemics will cost only a fraction of this amount, estimated at $22.2 billion to $30.7 billion a year, and this is without factoring in the human suffering.
We have to recognise that there would not be an economy without the natural environment. Global studies…