Supply Chain Management and Restart of Economy in Post COVID-19

Abstract

The increase in World Trade has led to significant growth in world GDP over last 100 years particularly. Supply chains have become the major enablers of world trade and the world is connected through supply chains. Any disruptions in any part of the world has led to disruptions in supply chains and economic recessions. Crisis like Tsunamis, earthquakes, 911 terror attacks, epidemics/pandemics like COVID-19 etc. have affected the businesses worldwide. COVID-19 pandemic has precipitated economic crisis due to disruption of supply chains and suppressed demand for many products and services worldwide. International Monetary Fund (IMF) has projected global economic growth to be negative 4.9%. This economic crisis has resulted in substantial erosion of market capitalization across the globe. The impact of COVID-19 is very significant on both health of the people and economy worldwide. Almost all businesses and governments are trying its best to save people from health and economic crisis. This requires rebuilding of supply chains through appropriate configuration with reliable sources of supply, collaboration, manufacturing and distribution of goods and services. Sectors like essential items, pharmaceutical, e-commerce have started early recovery of economy. However, other sectors require suitable interventions from government, business organizations in their policies and practices and use of digital technologies for economic recovery.