The post-COVID-19 future for global value chains
Published 13 July 2021
Twenty-first century industrialized economies moved away from domestic supply chains toward global value chains (GVCs). However, internationalized production can have adverse effects on domestic economies and societies, exemplified when GVCs failed to rise to the unprecedented demands of the early days of the COVID-19 pandemic.
The Covid-19 pandemic has led to considerable setbacks for most aspects of the world economy, with global value chains (GVCs) being no exception. This recent policy brief prepared by the UNDP Regional Bureau for Asia and the Pacific reinforces the value of persisting with GVCs as the predominant model of production and trade. It suggests that the pandemic experience must inform reforms that make GVCs more responsive to technological change and the needs of the socially vulnerable. More must also be done to make supply chains more resilient to future shocks, while ensuring continued trade and investment flows.
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