The Impact of Covid-19 on The Global Business

https://www.weforum.org/agenda/2020/06/ongoing-impact-covid-19-global-supply-chains/

Many economists and sociologists are extremely worried by the effect of Covid-19 on the society, but there is now a universal agreement that pre-existing supply chain is not going to function the way it used to be even the post pandemic upcoming time.  One of the new emerging ideas calls for the need for a sound, robust and secured supply chain that could balance the demands for cost efficiency. Under such assumption, undoubtedly one expects that companies will seek diversified supplier base system, while looking to develop a flexible, but cost efficient, supply chain.

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For the longer term, however, companies will need to undertake a more holistic analysis, which may lead to more drastic changes, such as moving supply chains nearby, or to different countries, as well as increasing the digitalizing of supply chains, with a view of creating a more sustainable operation for the future. A holistic analysis should be based on facts and include the modelling and testing of different scenarios. This would mean that firms and including countries will have to plan a supply chain system that quickly reverts and adjusts elements of the supply chain.  This would mean that the global trade needs to deviate from the current pattern of trade practice which was built on cost efficiency principles and adopt a system which may not be cost efficiency but guarantees long-term and sustainable supply chain of products and services.

Based on this reiterated short narration and the full story which is included in the above link, argue how the change will affect a) the world trade conditions b) the relationship between long-term trade partners (for example, U.S. and China; U.S. and USMCA (former NAFTA) and developed and developing countries c) argue to what extent Covid-19 will impact on how the global workforce will work in the future (home-base work supported by technology vs. traditional office work).

 

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