pandemic

The SARS-CoV-2 virus poses unexpected challenges for the global economy. Demand for goods collapsed, and supply declined because companies suddenly ran out of employees or intermediate products. As a result, economic indicators turned negative. However, although an economic recovery is now underway, uncertainty about future developments is still on a record high. This is due not least to global value chains. Their disruption was a major factor in the aforementioned distortions, but they are still central to local production.