The world economy, worth $90 trillion at the start of the current financial year, would have lost USD 5 trillion and moved into recession by the time the next financial year starts, she added.
"COVID-19 is the reboot button that will trigger a system-wide overhaul. A year from now, the world we will live in will be very different. It will impact how we live, how we work, and how we use technology," Mazumdar-Shaw said.
To quote a recent McKinsey report, "In this unprecedented new reality, we will witness a dramatic restructuring of the economic and social order in which business and society have traditionally operated," she added.
This COVID-19 outbreak is a lesson that technology has many faces and being besotted with only one application of computational science is dangerous, Mazumdar-Shaw said.
"For humanity to survive, we will need a multi-disciplinary approach to advancing science and technology, combining biotechnology, biomedical technologies, biological sciences, environmental sciences, etc," she added.
The novel coronavirus has exposed the huge shortcomings in public healthcare systems, especially in developed countries where they have largely remained static since World War II, she added.
Mazumdar-Shaw said the governments will have to bring in policies to address essential healthcare infrastructure, strategic reserves of key supplies, and contingency planning for medical equipment, diagnostics, drugs and vaccines.
"Covid-19 will also cast a long shadow on our social and cultural lives," she added.
What repercussions these changes will have on the shape of human society only time can tell, Mazumdar-Shaw said.
The post-Covid-19 world is unlikely to look like the "normal" we have grown accustomed to in the recent years, she added.
"Ultimately, the greatest lesson that Covid-19 can teach humanity is that we are all in this together, that what affects a single person anywhere affects everyone everywhere, that as homo sapiens we need to think and act unitedly rather than worrying about race, ethnicity, nationality, religion, economic status, and such artificial groupings," Mazumdar-Shaw said.
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.