Trading during a pandemic

World commerce will depend on the agility of exporters and their ability to innovate.

The Covid-19 pandemic has brought about widespread economic impacts owing to measures, like lockdown restrictions, taken by governments to control its spread. This has triggered the largest global economic shock since the Great Depression of the 1930s. Yet there is a marked difference between the two greatest economic shocks. While the Great Depression was caused solely by lack of 'effective demand' according to Keynesian economics, the recent recession has been attributed to both demand and supply shocks. Reduced employment and income have worsened the demand situation. Consumer demand has been concentrated on healthcare products, changing global demand patterns. Disrupted supply chains and the closure of non-essential industries have threatened employment and supply capacities everywhere.