Interesting discussion hosted by BBC’s Zeinab Badawi:
Addressing the question: ‘What will be Covid-19’s long term global impact’, it seems there is a growing desire to domesticate supply chains for many countries and to find ways of becoming more self-reliant.
India, where 45% of consumer goods are imported from China, wants to build a more industrialised domestic infrastructure. It was also suggested that the many current geo-political tensions that exist have now been accelerated as a consequence of the Covid-19 pandemic, forcing countries to look more inwards.
Will globalisation stop? Probably not, however it was agreed that international trading partners will change, having an impact on supply chains and the way in which businesses work.
To quote a commonly used cliché, ‘every crisis leads to opportunities’ and now is the opportunity to ‘build back better’. But what will better look like? Organisations need to be aligned to their strategies.