“By failing to prepare, you are preparing to fail” – Benjamin Franklin
US Federal Reserve chair Jerome Powell recently said that Americans should be prepared for the global supply chain to remain in crisis through 2022. Lean manufacturing processes and just-in-time delivery mean a factory closure in one Asian country can unleash a global crisis.
Covid-induced supply chain disruption was a wake-up call for policymakers, highlighting the total dependence on one country for vital products. However, de-risking strategies will take a few years to implement.
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Views expressed above are the author’s own.
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