Global supply chain bottlenecks are likely to last says WTO
Feb, 02, 2022 Posted by Gabriel MalheirosWeek 202205
On Tuesday, February 1st, World Trade Organization (WTO) Director Ngozi Okonjo-Iweala stated that global supply chain bottlenecks are likely to last longer than anticipated, affecting developing countries the most.
“We initially thought that the disruptions in the global supply chain would be temporary. However, albeit we still believe disruptions will eventually come to an end, it may take longer than we expected,” Okonjo-Iweale said according to the British news outlet Financial Times.
Given the spread of the omicron strain, which hampered production and cargo transportation in China, the WTO director predicted that problems could persist until the end of the year, with the possibility of extending its reach into 2023.
As far as Okonjo-Iweale is concerned, the increased demand that has caused delays in the delivery of products worldwide will ease this year as factories are increasing their production output amidst a more controlled pandemic situation.
According to the director, major economic players still cannot solve structural and bureaucratic issues in the short term. She specifically cites the delays registered in ports located on the West Coast of the United States.
Source: Valor Econômico
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