Reshaping Global Value Chains in Light of COVID-19 : Implications for Trade and Poverty Reduction in Developing Countries

Reshaping Global Value Chains in Light of COVID-19 : Implications for Trade and Poverty Reduction in Developing Countries

Global value chains (GVCs) have driven dramatic expansions in trade, productivity, and economic growth in developing countries over the past three decades. Reshaping Global Value Chains in Light of COVID-19: Implications for Trade and Poverty Reduction in Developing Countries examines the economic i...

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Main Authors: Brenton, Paul, Ferrantino, Michael J., Maliszewska, Maryla
Format: Book
Language:English
Published: Washington, DC: World Bank 2022
Subjects:
GLOBAL VALUE CHAIN
COVID-19
CORONAVIRUS
PANDEMIC IMPACT
LABOR MARKET
Online Access:http://hdl.handle.net/10986/37032
id okr-10986-37032
recordtype oai_dc
spelling okr-10986-370322022-03-08T20:22:32Z Reshaping Global Value Chains in Light of COVID-19 : Implications for Trade and Poverty Reduction in Developing Countries Brenton, Paul Ferrantino, Michael J. Maliszewska, Maryla GLOBAL VALUE CHAIN COVID-19 CORONAVIRUS PANDEMIC IMPACT LABOR MARKET Global value chains (GVCs) have driven dramatic expansions in trade, productivity, and economic growth in developing countries over the past three decades. Reshaping Global Value Chains in Light of COVID-19: Implications for Trade and Poverty Reduction in Developing Countries examines the economic impact of the COVID-19 (coronavirus) pandemic on GVCs and explores whether they can continue to be a driver of trade and development. The book undertakes the following: • Assesses what the impact of previous crises, such as the global financial crisis of 2008–09, can say about of the resilience of GVC firms to shocks • Examines what high-frequency data on trade flows can show about the impact of COVID-19 during the sharp global recession of 2020 • Uses discussions with GVC firms to gain a deeper understanding of the impacts of—and their responses to—the COVID-19 shock • Explores simulations from a global economic model to assess the potential longer-term impacts of COVID-19 on low- and middle-income countries and key factors shaping the global economy, including the evolving role of China, the rise of trade restrictions, and policy responses to global warming • Asks what steps countries and international institutions can take to enhance the resilience of GVCs in low-income countries to future shocks. The analysis shows that well-operating GVCs are a source of resilience more than a source of vulnerability. Moreover, steps to maintain and enhance trade contribute to managing a crisis and recovery, while measures to reshore production make all countries worse off. This economic crisis offers countries an opportunity to reshape the global economy into a greener, more resilient, and inclusive system that is better equipped for a changing world. Trade is a powerful tool for achieving this aim. 2022-02-25T00:19:59Z 2022-02-25T00:19:59Z 2022-03-04 Book 978-1-4648-1821-9 http://hdl.handle.net/10986/37032 en CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank Washington, DC: World Bank World
repository_type Digital Repository
institution_category Foreign Institution
institution Digital Repositories
building World Bank Open Knowledge Repository
collection World Bank
language English
topic GLOBAL VALUE CHAIN
COVID-19
CORONAVIRUS
PANDEMIC IMPACT
LABOR MARKET
spellingShingle GLOBAL VALUE CHAIN
COVID-19
CORONAVIRUS
PANDEMIC IMPACT
LABOR MARKET
Brenton, Paul
Ferrantino, Michael J.
Maliszewska, Maryla
Reshaping Global Value Chains in Light of COVID-19 : Implications for Trade and Poverty Reduction in Developing Countries
geographic_facet World
description Global value chains (GVCs) have driven dramatic expansions in trade, productivity, and economic growth in developing countries over the past three decades. Reshaping Global Value Chains in Light of COVID-19: Implications for Trade and Poverty Reduction in Developing Countries examines the economic impact of the COVID-19 (coronavirus) pandemic on GVCs and explores whether they can continue to be a driver of trade and development. The book undertakes the following: • Assesses what the impact of previous crises, such as the global financial crisis of 2008–09, can say about of the resilience of GVC firms to shocks • Examines what high-frequency data on trade flows can show about the impact of COVID-19 during the sharp global recession of 2020 • Uses discussions with GVC firms to gain a deeper understanding of the impacts of—and their responses to—the COVID-19 shock • Explores simulations from a global economic model to assess the potential longer-term impacts of COVID-19 on low- and middle-income countries and key factors shaping the global economy, including the evolving role of China, the rise of trade restrictions, and policy responses to global warming • Asks what steps countries and international institutions can take to enhance the resilience of GVCs in low-income countries to future shocks. The analysis shows that well-operating GVCs are a source of resilience more than a source of vulnerability. Moreover, steps to maintain and enhance trade contribute to managing a crisis and recovery, while measures to reshore production make all countries worse off. This economic crisis offers countries an opportunity to reshape the global economy into a greener, more resilient, and inclusive system that is better equipped for a changing world. Trade is a powerful tool for achieving this aim.
format Book
author Brenton, Paul
Ferrantino, Michael J.
Maliszewska, Maryla
author_facet Brenton, Paul
Ferrantino, Michael J.
Maliszewska, Maryla
author_sort Brenton, Paul
title Reshaping Global Value Chains in Light of COVID-19 : Implications for Trade and Poverty Reduction in Developing Countries
title_short Reshaping Global Value Chains in Light of COVID-19 : Implications for Trade and Poverty Reduction in Developing Countries
title_full Reshaping Global Value Chains in Light of COVID-19 : Implications for Trade and Poverty Reduction in Developing Countries
title_fullStr Reshaping Global Value Chains in Light of COVID-19 : Implications for Trade and Poverty Reduction in Developing Countries
title_full_unstemmed Reshaping Global Value Chains in Light of COVID-19 : Implications for Trade and Poverty Reduction in Developing Countries
title_sort reshaping global value chains in light of covid-19 : implications for trade and poverty reduction in developing countries
publisher Washington, DC: World Bank
publishDate 2022
url http://hdl.handle.net/10986/37032
_version_ 1764486486465445888

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