There is no telling how, or when, the next black swan will arrive, but the shifting global supply chain will provide opportunities for Singapore to bolster its standing as a trusted hub to do business, as long as business leaders act decisively to address the four biggest logistics challenges defining the landscape today:
The coronavirus has disrupted the world in an unprecedented manner. At the beginning of 2020, the novel coronavirus, as it was then called, was indeed novel, and perceived by many to be a largely localised outbreak. As the Covid-19 virus spread rapidly throughout the region and around the globe, and governments took drastic action to curb its effects, the social, economic and public health ramifications made themselves almost immediately obvious — and businesses found themselves faced with difficult choices.
The ways in which different Asia Pacific countries have been affected by and responded to the pandemic are as diverse as the region itself — particularly given how some markets have been hit harder than others. Following a period of time in which governments across the region were either loosening restrictions or preparing to do so, subsequent waves of the virus have forced a number of them to re-assess this course of action, affecting trade between nations and supply chains. As Singapore continues with its reopening, many businesses are breathing a sigh of relief, with customers and employees entering their premises again (at a safe distance). However, while business owners are overcoming a broad variety of near-term challenges, they need to also take the long view to prepare for the post-coronavirus world.
