21. The Future of U.S. Supply Chains: National Security and the Pandemic
- Author:
- Troy Stangarone
- Publication Date:
- 07-2021
- Content Type:
- Journal Article
- Journal:
- Joint U.S.-Korea Academic Studies
- Institution:
- Korea Economic Institute of America (KEI)
- Abstract:
- The COVID-19 pandemic has been the most significant economic disruption to the international economy since the Great Depression. The IMF estimates that the global economy contracted by 3.5 percent last year, while the WTO has projected a 5.3 percent decline in global trade. The economic impact on the United States has been significant as well. Early in the pandemic the United States experienced shortages of critical medical supplies and products, while the need to social distance has continued to place restrictions on the overall economy. For 2020, the pandemic saw GDP decline by 2.3 percent, while exports fell by 12.9 percent and imports by 6.4 percent. All of this has resulted an increased focus on supply chains and their vulnerabilities.
- Topic:
- Economics, National Security, COVID-19, and Supply Chains
- Political Geography:
- China, Asia, North America, and United States of America