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Dr Una Sikimić, Alta Banka a.d. CEO

Prepared And Committed

The fact that Alta banka – as one of the country’s few domestic banks – does not belong to the group of large banks,...

Predrag Skoković, Director Of Quality House

Knowledge In The Service Of Testing

Quality House provides software testing services to all companies whose software development teams are facing problems in setting up appropriate test processes and related...

Afi Europe Serbia

AFI Europe Serbia Is Launching New Business Park

One of the most reputable investors on the Belgrade real estate market is launching an exciting new project - AFI City Zmaj Set to rise...

Minja Jovanović, Corporate Security Business Partner, MPC Properties

They Entered The Pandemic Prepared

MPC Properties is a company that constructs, develops and manages commercial real estate, and which has an extraordinary responsibility from the security aspect. Its...

Mladen Ćirić, Tonković Winery Sales Director

Kadarka Wines Conquering The World

The Tonković Winery, based in the village of Bački Vinogradi, is commemorating the first 15 years of its successful operations. Testifying to the claim...

Jovan Protić, National Coordinator for Serbia at the International Labour Organization (ILO)

First Health, Then Production

The extent to which the Serbian economy will be hit by disruptions to supply chains will depend primarily on the speed of curbing the spread of the virus among employees, for which high-quality health and safety measures at work are crucial.

Global supply chains have flourished around the world in the last two decades, thanks to reduced costs of trade and transport, but also to ICT advances and the simplifying of cross-border transports of goods and services. Despite the negative impact of the global economic crisis of 2008-2009, according to the estimates of the International Labour Organization, slightly more than 450 million people were employed in global supply chains prior to the outbreak of the Covid-19 pandemic.

China, which was the first country to be hit by the Covid-19 pandemic, represents one of the most important players in global supply chains, as a primary producer of final products and components, a large global buyer of raw materials and industrial products, but also as one of the most important markets for consumer goods. This country’s fall in industrial production of about 13.5% in January and February this year, and the even greater fall in exports were felt by economies around the world, including the production of Fiat Serbia, which had to be temporarily suspended work due to a lack of components from China.

It is especially important to demonstrate the digital transformation of the economy, because it not only enables the reducing of costs, but also the managing of the risks of new disruptions.

It is still too early to make any quantitative assessment of the effects of supply chain disruptions caused by the pandemic, but it is clear that the economies of all countries will have to endure at least two negative impacts of this global disruption: the first is certainly limited (or almost non-existent) possibility to produce at a large number of plants due to the ban on movements; while the second is the decline in demand within the scope of the supply chains through which these companies place a significant part of their production. If forecasts of an economic downturn in multiple economies that are significant players in global supply chains come to pass, the cumulative effect of supply difficulties and falling demand could lead to a negative spiral in many economies where production is carried out for global chains. It is already estimated that foreign direct investment at the global level could fall by 30 to 40 per cent during 2020-21.

Serbia is not a developing country, but rather a mid-developed country that aspires to join the European Union – an alliance of a large group of economically advanced democracies. The extent to which the Serbian economy will be hit by disruptions to supply chains will depend primarily on the speed of curbing the spread of the virus among employees, for which high-quality health and safety measures at work are crucial.

The need to preserve production and investment in the wake of the consequences of the pandemic could act as an incentive to improve the efficiency of public administration and legal security. It is especially important to demonstrate the digital transformation of the economy, which has been discussed in Serbia for a long time, and which in these circumstances is important not only because of reduced costs but also because of the visibility of companies within supply chains and managing the risk of disruption; which is why digital access to data should be provided and work should be carried out on the adoption of regulations that relate to electronic signatures and electronic transactions, which will help to make it easier to deal more efficiently with supply chain disruptions.

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Comment by Zoran Panović

Legacy And Disquiet

By calling on the presidents of Turkey, Serbia and Croatia – Messrs Erdoğan, Vučić and Milanović – Bosnian Serb leader Milorad Dodik (seemingly narrow-minded,...

Cvijetin Milivojević, Political Scientist

Freedom Is More Important Than Money

Alongside the concentration of economic levers of power in the hands of the Serbian progressive party, the propaganda occupation among the most influential media...

Danica Popović, Professor Of The Belgrade Faculty Of Economics

We Will Pay, Of Course

Media freedom is the first and most visible confirmation of whether or not democracy is functioning. Money is, of course, behind that, and it...

Vladimir Gligorov, Economist And Political Scientist

A Hand In The Budget Replaces Force

The advantage that those in power have – primarily the budget and propaganda – should prevail over political failures and hitherto unprecedented corruption. That...

News

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