After any sort of disaster, economic communities are not prepared for the confusion and chaos caused, even if they have some sort of pre-disaster planning. Experts in business state it is challenging for everyone to plan for recovery in the long-term when other problems are associated with rebuilding the economy, clean-up, and other humanitarian issues to address.
Steven Fisackerly is a business expert from Long Island in New York. He spends most of his time studying and monitoring economic trends across the world. He says that when a disaster impacts a community, it needs to create a vision of rebuilding the economy. This obviously takes resources, time, and good leadership. Unfortunately, during such a crisis, you will find that all three of them are generally in short supply. You must develop a recovery plan for the economy with stakeholders from the community.
The need to assess the economy
At the same time, a strategic plan after the disaster offers the chance to re-evaluate the objectives of the economy in the wake of the vulnerabilities to the disaster. In this way, strategies need to be established, and the relevant action steps should be taken towards recovery in the long run.
Reasons to create an action plan for the recovery of the economy
He says when it comes to economic recovery, you need an action plan primarily for two reasons. This plan will help you to-
- Boost the speed of economic recovery.
- Identify vulnerabilities and gaps.
Business experts in the field state that it is prudent to go in for pre-disaster recovery plans over post-disaster recovery.
Action steps for economic recovery
He says that when it comes to creating a plan for the economic recovery, the following action steps should be followed-
- Conduct an impact study on the economy after the disaster
- The post-disaster economic planning process must be initiated by the authorized body to do so
- The situation on the site needs to be completely evaluated.
- After this evaluation, a plan needs to be devised with the action steps for economic recovery.
What does the general process of economic recovery entail?
The process of economic recovery refers to the stage of the business cycle that follows a recession. It comprises a sustained phase of boosting business activity. Generally, during the economic recovery, the GDP or the gross domestic product increases, the income rises, and the unemployment rate decreases as the economy recover gradually.
Steven Fisackerly says the key features of an economic recovery plan capture flexible data, protect resources, boost network and storage resources, and other parameters to enhance economic growth. The goal in the above situation is to create and gradually maintain a vibrant local economy that is strong and healthy. The right economic recovery plan will also pave the way for the strategies, projects, and programs that the economy should embrace for boosting the community and growth.