Senior Researcher Module Leader Anglia Ruskin University UK Organisational Transformation and Homeland Security Expert
The Organisation for Economic Cooperation and Development (OECD) estimates that in 2020, the world economy will grow at the slowest pace since 2009, due to the outbreak. The forecast growth of 2.9 percent was revised to 2.4 percent.
The travel market is the most hit by travel restrictions, and aviation companies face liquidity problems and even bankruptcy.
The pandemic has dealt a severe blow to an already challenged globalisation process,” Ehud Eiran, member of the Israeli Institute for Regional Foreign Policies.
This is evidenced by the decrease in the movement of people and goods; the trade restrictions and risk suspicion towards foreigners.
Global supply chains are interrupted and the economic crisis that will follow will decrease global trade. The legacy of the crisis might be an effort by many nations to bring back production home, as the weakness of the global supply chain was exposed.
Trinidad and Tobago and the CARICOM region would have to begin turning inward and trigger the discourse at the governmental level. This new approach once managed is expected to gain support as a facet of any government’s crisis management process.
There must be a need and call for national unity going forward, governance will be strengthened by national unity discourses, this however; will dilute political differences.
One must understand that in times of crisis and resilience there is limited space for divisive issues.
There must be undoubtedly be a push to greater national self-sufficiency. This trend will move production back to the homeland and will continue to intensify, if proper Project Governance is applied.
Globalisation although integral to national development, must be managed and balanced to promote self sufficency and protectionism.
As Trinidad and Tobago, and by extension the region manages, contains, and remains resilient in the challenging times of the COVID-19 crisis.