The pandemic may be the latest example of innovation springing from adversity, say Capital Group's experts
Over the last year or two, governments and the pharmaceutical industry have come together to fund and develop vaccines at record speed. But Martin Romo, an equity portfolio manager at Capital Group, believes this is just the first of many advances the pandemic will trigger over the next five to 10 years.
One example is that we are already seeing an acceleration of the journey towards a cashless society. "A decade from now, I think digital payments will be the norm, and people will give you odd looks if you try to pay with cash," says Jody Jonsson, global equity portfolio manager at Capital Group.
Remote working is a second example. Lisa Thompson, another equity portfolio manager at Capital Group, expects this to have repercussions for a wide range of sectors. "As remote work becomes more common, I think we will see many people relocate to suburbs and smaller cities," she says.
"This shift would have implications that span a variety of industries, not just office and commercial real estate in city centres. The restaurant sector, for example, may look very different in 10 years."
Click here to read the article in full and learn about more pandemic-inspired changes and their implications on the Future Forward hub. Brought to you by Investment Week, Professional Adviser and Capital Group.