Economic Development

As the COVID-19 pandemic reached their country and government took extraordinary lockdown measures, many Inclusive Businesses suddenly had trouble importing, producing, distributing and selling their beneficial goods and services. Some of them were able to quickly respond and sometimes even pivot their business models to continue serving their low-income consumers with essential products and services. Some of these pioneers shared early lessons with us via an online webinar.

Before the coronavirus outbreak, nearly five billion people were beginning to escape poverty and to benefit from globalisation’s reach to developing countries. But there were the “bottom billion” of the world’s poor whose countries, largely immune to the forces of global economy, were falling farther behind and were in danger of separating permanently from the rest of the world. After COVID-19, the situation of people at the bottom of the pyramid (BoP) will only worsen if decision-makers, including business leaders — major drivers of social mobility — don’t take an innovative approach to facing the challenge.