COVID-19 continues to disrupt world economies, even in countries that have the pandemic under control. Additionally, despite pressure to get the economy back up and running, ongoing uncertainties, lack of consumer confidence and supply chain challenges continue to exert a stranglehold. The extent is revealed in the latest IMF forecasts that anticipate U.S. GDP for 2020 will be 8% lower than 2019 and recovery in 2021 will be muted.
In December 2019, when the first rumours about this dangerous virus surfaced, no one anticipated the extent to which it would spread, nor the resulting human and economic devastation. Supply chains, especially those relying on international trade, were hardest hit. Systemic supply chain weaknesses were laid bare, and while all suffered, companies that had not kept up with critical supply chain trends were hardest hit...... more