THE IMPACT OF COVID-19 ON GLOBAL SUPPLY CHAIN RESILIENCE

Abstract

COVID-19 was one of the worst global shocks to the economies in the recent history and the world supply chains have been hit by a world shock. The high interdependence and efficiency-oriented environment, which characterize modern supply chains exposed organizations to the risks of being disrupted by lockdowns, lack of labor, transportation bottlenecks, factory closures, and unstable demand changes. Industries in the pharmaceuticals and health sector, automotive, electronics and food supply sectors were greatly impacted. This paper discusses how COVID-19 affected the resilience of global supply chains through the response and adaptation of firms and economies to disruptions to increase their supply chain strength and elasticity.