There’s no escaping the dismal news — the COVID-19 pandemic is wreaking havoc globally on lives, families, the workplace, and businesses’ bottom line both large and small. The impact that global “social distancing” and business shut-downs will have on the global economy is yet to be fully quantified. During the SARS and MERS epidemics, there was temporary pressure on the business supply chain — but the impact of COVID19 will be at a far greater scale.
It “could be felt for as much as two years and cost up to $400 billion for business supply chains,” according to the Boeing Center for Supply Chain Innovation. HBR pointed out in late February that “the 2002-2003 SARS epidemic created just a blip in the global financial markets…[but] the relative importance of China in the worldwide economic ecosystem has increased tremendously in the past 18 years….and many more industries are now heavily dependent on China.”
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