The Great Unwinding…could it benefit Australia?
The Economist Intelligence Unit (EIU) has suggested that the COVID-19 pandemic may reshape and even reverse decades of globalisation. The EIU suggests that global supply chains may be replaced with regional supply chains that would be less disrupted by events across the globe (geo-political crises, pandemics, etc.). Furthermore, they suggest that more local warehousing could also be a future result of the interrupted global supply chains experienced during the COVID-19 pandemic, particularly as China shut down its great manufacturing production. The EIU also says that the digitisation of business and new perspective of risk will further affect how multinational corporations make supply chain decisions.
For Australia, this could mean some manufacturing is brought back to our shores from overseas and that our warehouses may be a bit bigger in order to hold more stock to ensure supply during any disruption to global trade.
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