The world economy is encountering strong headwinds, especially because the novel coronavirus outbreak has disrupted global supply chains, giving rise to fears that it would undermine the globalization process. Will economic globalization come to a grinding halt? Two experts share their views on the issue:
New drivers of economic growth emerging
In the short term, the coronavirus outbreak is a blow to the world at large. But it has hit the economy the hardest. The impact of the pandemic has also been immense on the tourism industry, including the aviation and hospitality sectors, and business activities.
The Chinese economy, too, will suffer, as its export and import growth rates are expected to decline, at least in the first quarter of this year, and the disruption in production has affected its supply chain.
As the novel coronavirus has spread to more than 140 countries and regions, slowing down their trade and other economic activities, there are concerns that the pandemic could jeopardize economic globalization.
But despite the coronavirus outbreak posing a threat to the world economy in the short term, it cannot change the trend of globalization. The pandemic could necessitate an adjustment in the international economic landscape, as advanced technologies such as artificial intelligence (AI) and big data are already playing a significant role in prevention and treatment of novel coronavirus pneumonia.
And the application of these technologies to boost production and other economic activities is likely to drive economic growth in the future. Since the coronavirus outbreak has disrupted global trade in a major way, many countries have realized the need to strengthen cooperation and better coordinate their moves to overcome the global health and subsequently economic problem, which in turn will mitigate the potential of "de-globalization".
Thanks to globalization, economies across the world are closely interconnected, meaning any disruption in economic activities in one region is bound to influence trade and investment in other regions. So it is imperative that all countries make concerted efforts to fight the virus and, by doing so, strengthen the globalization trend.
Globalization will gain in strength - VIEW FULL ARTICLE
GTDW China Trade Development Forum & Expo, 16-18 June Shanghai is Co-hosted with Shanghai Asia-Pacific Model E-Port Network Operational Center (SAOC) and partnered with Quality Brands Protection Committee, China Association of Enterprises with Foreign Investment (QBPC) and Shanghai Association of Foreign Investment (SAFI).
The event will feature:
* Trade Leaders Plenary
* GTDW Global Trade Facilitation, Compliance & Digitalisation Conference
* GTDW Anti Illicit Trade, Brand & IPR Protection Conference
* EXHIBITION: Solutions, Services and Technologies for Global Trade, Trade Facilitation, Supply Chain, Paperless Trade, Anti Illicit Trade & Anti Counterfeiting
* Site Visits & Technical Workshops (Day 3, 18th June)
Event website: www.kwglobaltrade.com
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