GROSS DOMESTIC PROBLEM (GDP)

Algoinsights Blog

I hope I have captured your attention with the title of this post.

The actual definition of GDP is Gross Domestic Product which means the final value of the goods and services produced within the geographic boundaries of a country during a specified period, normally a year. GDP growth rate is an important indicator of the economic performance of a country.

However, in this post, I will talk about GDP as Gross Domestic Problem.

Why?

Because all countries are facing a big Problem with the COVID-19 Pandemic. Currently, no country is spared of this virus and I think this problem will persist a little longer than we would like. So, brace yourself and tighten your belt for the coming months or even years.

All countries affected are suffering in their Domestic economy – unemployment, and negative growth.

Among other things, I would describe the whole COVID-19 situation as Gross.

Therefore, now you have it. GDP = Gross Domestic Problem.

TRULY, WE ARE IN DEEP SHIT

Every day since the start of COVID-19, we hear and read bad news over the news channels and newspapers. We hear about the increasing number of businesses going bust and employees being retrenched, we hear about spikes in loan defaults and bankruptcies, we hear about people going into depression and desperation, etc.

These are the news we DO NOT want to hear as much as possible. In my opinion, they are not healthy for our mental psychology and mindset. I believe listening to too much negative news like these make us become part of the problem when we can probably become part of the solution.

Yes, we are in deep shit now. The whole world is. But we need not think in this manner. Like a long-time client and friend of mine told me during the 27th Oct 1997 market crash. He said, “The world is in a negative state now, but what you see through your eyeballs MUST be positive.” I have not forgotten this statement since then and have kept this statement close to my heart as a reminder to myself in times of crisis.

Wise words.

WHAT YOU SEE IS WHAT YOU GET

Life is a self-prophecy. My mentor, Paul J Meyer told me this early in my career, “What you see in your mind and believe in your heart, will come to pass in your life.” Therefore, what do you SEE amid this COVID-19 Pandemic? Opportunity or threat?

DISCIPLINE AND EFFORTS REQUIRED

To be honest, it is NEVER easy to think and act positively when you know you are about to be retrenched at the end of the month or the cash in your bank account is about to run out next week. Nothing can be further from this hard truth.

I know it is NOT easy. I know it is painful.

It requires you to have focused discipline and to employ massive efforts to think and act positively in a negative environment. Some people tell me, “It is useless. It will NOT work.” I replied to them, “Then try the alternative. Try thinking negative thoughts. Try blaming. And try crying.” Would your situation change for the better?

CHOICE IN THE MAKING

Henry Ford said, “Whether you think you can, or you think you can’t–you’re right.”

Do you realize that Henry Ford did not mention anything about the COVID-19 virus or bad economy in his statement?

He knows the power of choice and accurate thinking.

Therefore, you MUST choose to think correctly and accurately to emerge from any crisis stronger and better. This is the essence of his statement. Nothing to do with COVID-19 at all.

So, stop blaming COVID-19 for your current financial situation. Without COVID-19, you would not be thinking at all now.

I hope this blog article would encourage you to start thinking and acting positively despite of your current stress and financial situation and turn Gross Domestic Problem to become your personal Greatly Deserved Prosperity.  

Thank you for reading my article

Victor Ang

Founder & CEO, ALGOINSIGHTS PTE LTD