The coronavirus pandemic is fundamentally reshaping global trade.
• The coronavirus crisis has revealed the fragility of the modern supply chain.
• Recent data shows the devastating economic impact as week-on-week trade in China, the US and Europe halved because of the crisis.
• Diverse sourcing and digitization will be the key to building stronger, smarter supply chains and ensuring a lasting recovery.
The COVID-19 pandemic has hit global trade and investment at an unprecedented speed and scale. Multinational companies faced an initial supply shock, then a demand shock as more and more countries ordered people to stay at home. Governments, businesses and individual consumers suddenly struggled to procure basic products and materials, and were forced to confront the fragility of the modern supply chain. The urgent need to design smarter, stronger and more diverse supply chains has been one of the main lessons of this crisis.