March 17, 2020
It’s not an overstatement to point out that supply chains are essentially running the industrial world.
The supply chain is vital to the global economy. A year-long study by the World Economic Forum points out that if every country in the world were to improve two key barriers — border administration and transport, and communications infrastructure — to even half the level of the strongest country they evaluated (Singapore), this one step would increase global GDP by nearly 5%, and global exports by nearly 15%. (By comparison, if we were to eliminate all import tariffs, global GDP would grow by a mere 0.7%.)