The Impact of the Corona Virus on Supply Chains: Opportunities and Challenges

Abdullah Aloqab, Wen Hu, Omar Ahmed Abdulraqeb, Othman Mohammed and Bassam Raweh
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Abdullah Aloqab: College of Economics and Trade, Hunan University, Changsha, China
Wen Hu: College of Economics and Trade, Hunan University, Changsha, China
Omar Ahmed Abdulraqeb: College of Economics and Trade, Hunan University, Changsha, China
Othman Mohammed: College of Economics and Trade, Hunan University, Changsha, China
Bassam Raweh: College of Economics and Trade, Hunan University, Changsha, China

Review of Economic Assessment, 2024, vol. 2, issue 4, 19-41

Abstract: The COVID-19 pandemic wreaked havoc on economies everywhere, affecting everything from supply chain networks to international trade as a direct result of the increased vulnerability of more nations and the disruption of the activities of key traders. This research study examines how COVID-19 affected the supply chain on a worldwide and regional scale, as well as the systemic policy and economic steps governments and businesses took to rebound and maintain resilience. COVID-19 has had a significant influence, prompting governments and businesses to take steps to fortify their operations and businesses against disruptions, highlight the necessity for resilience in supply chains and emphasize the importance of managing risk. The supply value chain is at risk from the prolonged implementation of COVID-19 trade measures like border closure, export restrictions, and import sanctions. Many businesses are transitioning from a "recovery mode" to a resilient and sustainable mode" and are beginning to plan for the future. The study suggests that corporate and government leaders should prioritize proactive and adaptable policy, economic, and structural adjustment. This research will be useful to policymakers and industry leaders in their efforts to lessen the effect of COVID-19 on the global supply chain by enforcing governmental, economic, and business reforms built on resilient supply chains and mitigating economic risks during tough times.

Keywords: Pandemic; Supply Chain; Covid-19; Global; Resilient; Policy, Government; Risk; Recovery; Business; Economy (search for similar items in EconPapers)
Date: 2024
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