| Popis: |
The global economy, global flows and global economic coordination have been severely disrupted by the COVID-19 pandemic. This note reviews and summarizes some of the current forecasting and predictions of the consequences of the pandemic for global value chains, with an additional focus on Singapore. The review is based on a convenience sample of expert reports, scientific papers, and press articles. The disruption has already caused exceptional economic damage. In the medium and long terms, global value chains and the structure of globalization are expected to adapt significantly due to new attitudes to pandemic and other risks. The dominant prediction is of an organizational and geographical contraction of economic activities and exchanges, within the bounds of economic regions large enough to diversify location risk. At the same time, Singapore is poised to benefit from Asia’s economic buoyancy and from regional dynamics in the manufacturing and tech sectors. |
