Abstract

The increase in World Trade has led to significant growth in world GDP over last 100 years particularly. Supply chains have become the major enablers of world trade and the world is connected through supply chains. Any disruptions in any part of the world has led to disruptions in supply chains and economic recessions. Crisis like Tsunamis, earthquakes, 911 terror attacks, epidemics/pandemics like COVID-19 etc. have affected the businesses worldwide. COVID-19 pandemic has precipitated economic crisis due to disruption of supply chains and suppressed demand for many products and services worldwide. International Monetary Fund (IMF) has projected global economic growth to be negative 4.9%. This economic crisis has resulted in substantial erosion of market capitalization across the globe. The impact of COVID-19 is very significant on both health of the people and economy worldwide. Almost all businesses and governments are trying its best to save people from health and economic crisis. This requires rebuilding of supply chains through appropriate configuration with reliable sources of supply, collaboration, manufacturing and distribution of goods and services. Sectors like essential items, pharmaceutical, e-commerce have started early recovery of economy. However, other sectors require suitable interventions from government, business organizations in their policies and practices and use of digital technologies for economic recovery.

Highlights

  • Trade is an integral part of economic activity and development

  • We present a brief overview of supply chain management with some examples, impact of COVID-19 on supply chains and economy followed by economy recover framework, sectors and strategies

  • There is a strong relationship between world trade, GDP and supply chain investments around the world during last more than two centuries starting from 1800

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Summary

Introduction

Trade is an integral part of economic activity and development. In global economic system, countries exchange various products as well as intermediate goods/inputs. International trade creates network of economic activity which are generally called trade networks or supply chains. The world economy is strongly connected and influenced by supply chains and its developments. Corporations have realized that substantial cost savings and market benefits can be achieved by more effective management of their supply chains globally. COVID-19 crisis has led to the greatest disruption of supply chains worldwide. COVID-19 crisis disrupted the global supply chains and it has thrown lot of challenges to politicians, business and overall economy. COVID-19 pandemic has precipitated economic crisis due to disruption of supply chain, manufacturing activities, and suppressed demand. International Monetary Fund (IMF) has projected global economic growth to be negative 4.9%. This economic crisis has resulted in substantial erosion of market capitalization across the globe. We present a brief overview of supply chain management with some examples, impact of COVID-19 on supply chains and economy followed by economy recover framework, sectors and strategies

Definition of supply chain and supply chain management
Principles of supply chain management
Use of channel wide performance measures
Performance measures of supply chains
Methodology
Supply chain ecosystem and frameworks
SCOR model
Sectoral specific supply chains
Healthcare supply chains
Relation between economic development and global value chains
Supply chain and global value chain (GVC)
Impact of COVID-19 on supply chains
Recovery framework
Recovery sectors
Recovery strategies and actions
Findings
Conclusions
Full Text
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