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A weakening outlook
The accumulation of disruption and supply chain shocks are transforming global trade fundamentally.
The pandemic disrupted logistics networks across all sectors. The shipping industry struggled as containers, vessels, and their crews were caught up in wrong locations, backlogs, port delays, and sudden changes in voyage plans. Further waves of lockdowns, particularly prevalent in China, added more confusion and doubt about whether standard ‘just-in-time’ practice was still fit for purpose.
The risk of ‘stagflation’ has already been spelled out by the World Bank, which in June 2022 predicted a protracted period of feeble growth and elevated inflation. Global growth is expected to slump from 5.7% in 2021 to 2.9% in 2022 — significantly lower than the 4.1% the bank was anticipating in January
Read more in this white paper.
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