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By Professor Peter Draper - Institute for International Trade
If ever the G20, the self-styled apex forum for international economic cooperation, needed to step up to the plate it is now. However, while it did so for the 2009 London Summit — in the eye of the Global Financial Crisis (GFC) — it is highly unlikely to this time. It is also not clear what the definition of success is, unlike the GFC when the core objective was to save Western financial systems from collapse. Each G20 country is correctly focused on managing its own health trajectory, with little policy bandwidth left to devote to international economic cooperation.
By Jane Drake-Brockman, Industry Professor, Institute for International Trade, and Christopher Findlay, Emeritus Professor, Institute for International Trade
From 3D printing (3DP) and artificial intelligence (AI), to cloud computing, 5G, and the Internet-of-Things (IoT), digital technologies are prompting radical new business models offered through digital platforms that promise unparalleled productivity gains and global increases in standard-of-living. Adoption of new technologies is also impacting traditional demand and employment patterns in highly disruptive ways and radically altering the nature of consumer and business transactions. The changes underway raise major questions for traditional domestic regulatory settings and for trade, investment, innovation and industry policies for the digital age.
By Andreas Freytag – Professor and Chair of Economic Policy, Friedrich Schiller University, Jena.
The ongoing covid-19 crisis has brought to the fore the vulnerability of societies relying on highly efficient global value chains (GVC) and single suppliers for specific goods. During the crisis, which first severely hit China as the central link in many GVCs, most countries have suffered a shortage of both simple and technologically complex medical devices (e.g. face masks and ventilators respectively). Fierce competition for these devices has emerged, leading to global tensions and trade restrictions, but also to a discussion about the organization of supply-chains and the need for national emergency stockpiling of medical devices.
Country after country has now imposed restrictions on international travel, and foreign trade is collapsing in tandem with falling demand and disruptions in supply chains. The coronavirus has put globalization on hold. But will globalization be reversing in the longer term? Magnus Lodefalk provides perspectives from research in international economics.
By The Global Services Coalition
As the world continues to grapple with the global COVID-19 pandemic, the members of the Global Services Coalition wish to express solidarity with the work of governments and international institutions to combat its spread. As associations representing all segments of the services industry, we call on governments to take a range of critical measures to maintain resilience in the supply of essential services during this time of crisis.
By Simon Lacey - Senior Lecturer in International Trade, Institute for International Trade
COVID-19 has already exacted a horrific death toll in dozens of countries and is only going to get worse in the coming weeks and months. The same is true of the economic fallout it has caused. Soon political leaders will have to make extremely difficult choices as the trade-offs between saving lives and saving economies become even more stark.
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