The COVID-19 pandemic shows no sign of abating in more than 200 countries as the World Health Organisation’s latest updates put global confirmed cases at least 1,282,931.
Almost half of all firms worldwide may replace their suppliers due to the coronavirus pandemic, which in turn will likely lead to “the end of globalisation, as we know it”, journalist Frank Stocker claimed in an article published by the German newspaper Die Welt on Tuesday.
He referred to the results of a recent opinion poll conducted by the consulting company EY around the world.
“The situation with face mask supplies remains especially complicated and in this respect, it is safe to assume that almost the whole world depends on China in terms of equipment,” according to Stocker.”
Given the fact that it is China who produces about half of the world’s face masks, “many politicians and economists are calling for taking steps to change the situation”, the author noted.
Many companies, he added, are already changing their supply chains when it comes to medicine and almost all other industries.
As a result, “there will be a partial departure from globalisation in the coming years, which, in turn, will lead to higher inflation”, Stocker claimed, adding that to tackle such a scenario, manufacturers should more actively implement automation.
The remarks come as the world remains in the grips of the coronavirus pandemic which has already spread to more than 200 countries, according to the World Health Organisation (WHO).
The most critical situation surrounding the coronavirus, which originated in the Chinese province of Hubei in late December, is currently taking place in the US, Spain, and Italy. On Tuesday, the Chinese state health committee reported that not a single person died of the novel coronavirus disease in mainland China over the past 24 hours, the first such day since January.