Language:
English
Pages:
1 Online-Ressource (160 pages)
Parallel Title:
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Keywords:
Coronavirus
;
COVID-19
;
Global Value Chain
;
Labor Market
;
Pandemic Impact
Abstract:
Global value chains (GVCs) have driven dramatic expansions in trade, productivity, and economic growth in developing countries over the past three decades. Reshaping Global Value Chains in Light of COVID-19: Implications for Trade and Poverty Reduction in Developing Countries examines the economic impact of the COVID-19 (coronavirus) pandemic on GVCs and explores whether they can continue to be a driver of trade and development. The book undertakes the following: -- Assesses what the impact of previous crises, such as the global financial crisis of 2008-09, can say about of the resilience of GVC firms to shocks -- Examines what high-frequency data on trade flows can show about the impact of COVID-19 during the sharp global recession of 2020 -- Uses discussions with GVC firms to gain a deeper understanding of the impacts of-and their responses to-the COVID-19 shock -- Explores simulations from a global economic model to assess the potential longer-term impacts of COVID-19 on low- and middle-income countries and key factors shaping the global economy, including the evolving role of China, the rise of trade restrictions, and policy responses to global warming -- Asks what steps countries and international institutions can take to enhance the resilience of GVCs in low-income countries to future shocks. The analysis shows that well-operating GVCs are a source of resilience more than a source of vulnerability. Moreover, steps to maintain and enhance trade contribute to managing a crisis and recovery, while measures to reshore production make all countries worse off. This economic crisis offers countries an opportunity to reshape the global economy into a greener, more resilient, and inclusive system that is better equipped for a changing world. Trade is a powerful tool for achieving this aim
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