The International Monetary Fund cut its global growth forecast for 2021 on Tuesday, citing supply chain disruptions and pandemic-related health concerns.
In the International Monetary Fund’s (IMF) World Economic Outlook report, released Tuesday, the IMF’s economists share anticipations for global economic growth measuring 5.9% in 2021, a downgrade from their 6% projection in July.
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Food prices have surged as companies battle increasing costs, labor shortages and supply chain problems, The Wall Street Journal reported.
Food companies are struggling to find trucks and staff processing lines as costs for necessary products surge, The Wall Street Journal reported.
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The International Chamber of Shipping, a coalition of truck drivers, seafarers, and airline workers, recently warned heads of state at the United Nations General Assembly that if restrictive COVID policies don’t change and freedom of movement isn’t restored to transportation workers, a supply-chain collapse is imminent.
Industry leaders representing some 65 million transport workers asked the United Nations and heads of government to “take meaningful and swift action to resolve the crisis now.”
“Global supply chains are beginning to buckle as two years’ worth of strain on transport workers take their toll,” they wrote in an open letter signed by the International Air Transport Association, the International Road Transport Union and the International Transport Workers’ Federation.
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The construction industry is struggling to recover from the pandemic due to difficulties hiring workers and severe supply chain shortfalls, a report found.
Construction contractors project revenue to remain stagnant and below pre-pandemic levels over the next 12 months even as the economy-wide recovery continues, according to the report published Wednesday by the U.S. Chamber of Commerce. While the Commerce Commercial Construction Index (CCI), which the Chamber measures on a quarterly basis, ticked up one point, it remained eight points below its early 2020 figure.
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Wednesday morning on the Tennessee Star Report, host Michael Patrick Leahy welcomed all-star panelist Crom Carmichael in studio to weigh in on the Biden administration’s attempt at controlling the origins of the monoclonal antibody treatment for COVID-19.
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According to an April-June McKinsey Global Survey poll of 60 senior supply-chain executives from across the nation, 73% encountered a shortage of suppliers – not just supplies – and 75% faced production/distribution shortfalls during the 2020 height of the COVID-19 pandemic.
Florida’s 21,000 manufacturers – not to mention farmers, restauranteurs, hoteliers, retailers – were also affected by pandemic-induced supply disruptions, as they were by Hurricanes Irma in 2017 and Michael in 2018.
To mitigate disruption for the state’s $56 billion manufacturing industry, which employs about 400,000 Floridians, the Associated Industries of Florida (AIF), Space Florida and FloridaMakes have formed Connex Florida, an online database to link manufacturers connect with prospective suppliers and develop business opportunities.
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Minnesota health officials are concerned about renewed pressure on the testing supply chain, which could affect the state’s response to a recent growth in cases and plans to continue to ramp up testing.
Health Commissioner Jan Malcolm said during a press call Friday that state officials have received reports of delays or reductions in testing supplies like reagents and pipettes from some health systems across the state, which rely on their own supply channels for weekly shipments of testing equipment.
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Retailers are frequently running out of everything from flour and fresh meat to toilet paper and pharmaceuticals as supply chains hammered by the coronavirus struggle to keep up with stockpiling consumers.
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