Question

In the past 5 years, we have heard many new terms which may haveessential influence on the global economy. From the perspective of a port, any changes or reconstructions of the global economy and supply chain may result in fundamental changes and impacts.

Answer 1

In the last five years many new terms have resulted in fundamental changes in the global economy and supply chain. One such big term is COVID-19 which has resulted in distruptionns in the global economy. It has resulted in inconsistent volume demand and increased costs. Work from home is a challenge.Opearations have been severely impacted .There has been delay in order delivery from ports ,they have tio undergo seriies of tests and try to maintain safety and follow the norms issued b the authority.Also if their costa are increasing they may layoff employees and focus more on improving IT technology .

Also environmental standards are also becoming a global responsibility, modifying the performance expectations of global industries to serve economic demands while reducing environmental impacts.

Climate change is also a big long term problem. Ports are at a risk of land sinking ,flooding etc. Supply chains will become vulnerable to climate impacts from extreme weather events due to  rising sea levels and tropical storm .