[Square] We Must Prepare for the 'Real' Post-Corona Era

Kim Young-deok, Research Director at Korea Construction Industry Research Institute

The spread of the novel coronavirus infection (COVID-19) has not subsided. In South Korea, the resurgence after August has somewhat calmed down, but globally, the situation remains severe with 250,000 new cases daily, including 20,000 new cases per day in France. Nevertheless, discussions about the 'post-COVID' era continue to emerge, and voices calling for preparation are gaining strength. In South Korea as well, since May when COVID-19 began to ease somewhat, mentions of the post-COVID era have been ongoing among the media and experts.

Although there is still uncertainty about when exactly the 'post-COVID' era will begin, the continuous references to it across society and the economy indicate the significant changes COVID-19 has brought to our daily lives. On the other hand, it also means that the direction in which the post-COVID era will settle is still unknown. Even if vaccines and treatments for COVID-19 are developed through global efforts and the situation rapidly improves, predicting the exact timing is difficult. What is clear is that its impact will continue to affect our society and economy throughout 2021 and beyond.

The many social and economic changes brought about by the shock of COVID-19 present new challenges to the nation and its people. Consequently, there is widespread recognition of the need to approach this as a new challenge or beginning. The theme of the Davos Forum to be held in May next year has been set as 'The Great Reset in the COVID Era,' and global economists predict that next year will be a period of 'global economic reset.' Additionally, the period of change following COVID-19 is described in various ways such as 'great transformation' and 'era of transition.' This underscores that the post-COVID era requires embracing new changes and, based on them, transforming internal systems and institutions as well as values and ideologies.

Although it is still unknown when the COVID-19 crisis will end, we must prepare for the 'real' post-COVID era. 'Real' means re-examining the discussions about the post-COVID era so far from a more fundamental and practical perspective. Ultimately, it is desirable to recognize the 'real' post-COVID era as a 'new start' that responds to the changing society and economy.

The construction industry is no exception. The future of the industry must be redrawn on a new level. It is necessary to reflect various changes triggered by the COVID-19 crisis across all aspects of construction production, including previous production methods and techniques, labor, materials, equipment, as well as the supporting technologies and management techniques.

In particular, addressing the fundamentally low productivity compared to other industries and countries is a task that must be solved through the post-COVID era. As technological advancements and production innovations based on efficiency are actively discussed across all industries due to the spread of the untact economy, the construction industry also needs to actively participate in these discussions. Furthermore, the future of housing and urban policies must be newly envisioned. It is necessary to establish housing supply, urban regeneration, and urban maintenance policies that break away from the limitations of past housing and urban policies and align with the changing social and economic environment.

The Ministry of Land, Infrastructure and Transport is currently working on drawing a future vision through 2040, but if the social and economic changes following COVID-19 are not sufficiently reflected, its effectiveness will inevitably be significantly reduced. Efforts to redraw the future of the construction industry from the perspective of a 'new start' are necessary.

Kim Young-deok, Director of Research Headquarters, Korea Construction Industry Research Institute