Will COVID19 bring an end to globalisation?April 8, 2020
The outbreak of the deadly COVID19 virus is threatening globalisation.
Flights are not taking off. We are living in challenging times. We are in lockdown.
Countries are closing borders and limiting entry to foreigners. Locals can’t leave their countries.
Bilateral cooperation is also weakening with the collapse of intra-trade.
While we do expect things to take a right turn once COVID19 is over, many things will not be the same.
It is inevitable that the global supply chain is facing disruptions. Could it lead to a systemic disruption?
What do all this mean for the modern societies and for the people?
We may have to brace for a scarcity of imported products on the market.
The shortage of imported products may last longer than we expect. There is a disruption in production lines and in transportation.
There is a backlog of products that are waiting for shipment, because they are now stuck at ports.
We have to wait for a six months period for everything to go back to normal, says authorities.
This means six months from the lockdown in most countries. Covid19 or the novel coronavirus is a bad thing for globalisation.
It is also a bad thing for connectivity and the free movement of people. It will take sometime before the world gets back to normal.
What does it mean for us?
Each individual countries will have to depend on their own capacity to produce.
Can we? Most nations are heavy consumers of imported goods. Without the freedom of movement of people and of goods, we will have to change our lifestyle.
This global event will impact us and it will take a longer time for the world to be back to normal.