Global Supply Chain Shocks and Disruptions
On 23 March 2021, traffic through the Suez Canal ground to a halt causing a backlog of container ships from Asia to Europe and giving way to another round of uncertainty in the global supply chain. This followed on the disruptions and pressures arising from the fallout caused by the worldwide spread of the coronavirus. Global supply chain crisis is not new. The global supply chain has been impacted over the years by various factors such as a shortage of inputs and fuel, wars and geopolitical tensions, and climatic conditions. However, never has the supply chain been more tested than now, due to the COVID-19 pandemic. The global pandemic has revealed the fragility of the supply chain and the resulting impact on our lives and livelihoods.
Read the full article on the ECCB website here.