globalEDGE Blog Podcast

Since the start of the coronavirus pandemic, supply chains all around the world have experienced disruptions. Specifically, the logistics industry has felt a great deal of disruption. Trucks move 72% of the goods we consume in the U.S. economy, so they are a key part of many supply chains. Countries such as Germany, France, Denmark, and Norway are also experiencing truck driver shortages. As the trucking workforce ages, recruiters face challenges recruiting and keeping women in the workforce, the Coronavirus pandemic, and much more have all led to a decrease in the number of working truck drivers; there is no central cause for this shortage, but rather it is several issues and concerns that have led to this shortage. To combat this shortage, supply chain experts are starting to utilize different technologies and alternative solutions to replace drivers.

The COVID-19 vaccine has been a point of discussion for nearly two years at this point. However, there is a new version that is the current talk-of-the-town: COVID-19 Booster Shots. Today’s blog will discuss what these booster shots are, how they are being implemented, and what it means for some countries to have them when others don’t even have enough doses of the original vaccine.

On Monday, November 8, the United States lifted COVID-19 restrictions that kept many international travelers out of the country for 20 months, a possible indicator of the rebound of the international travel industry. As of November 8, the majority of those entering the United States will be required to show proof of vaccination as well as a negative COVID-19 test. The United States is just one of the many countries that will require proof of vaccination upon entry. Other common requirements for travel in a COVID-19 conscious world include a brief quarantine period or a negative COVID-19 test upon entry, although restrictions can vary widely by country. To read a blog post about the United States opening its borders, click here.

Have you been missing a loved one that lives across the globe? Now might be your chance to finally see them. For the first time in 18 months, the United States has finally opened its borders to tourists since they closed the border at the beginning of the pandemic in March 2020. Since the pandemic, the global travel industry has lost hundreds of billions of dollars in the last 18 months, due to a lack of tourism. In New York City during the pandemic in 2020, it lost $60 billion dollars in revenue and caused 89 thousand people to lose their jobs in retail, arts, culture, transportation, and hotels.

As technology continues to advance at an exponential rate and becomes increasingly intertwined with our daily lives, it should be no surprise that non-fungible tokens (NFTs) are exploding in popularity and sales volumes. In fact, Global sales volumes of NFTs reached $10.7 billion in the third quarter of 2021, making an eightfold increase from the previous quarter. This magnitude of attention is eye-catching, to say the least, and it has businesses and individuals around the world taking action.

If you haven't already heard of Rivian, now is the time to learn. Rivian is an electric vehicle automaker backed by Amazon and Ford, that promises far more range per battery charge than existing electric cars. Rivian targets fans of outdoor activities and has been investing in charging stations at remote off-road destinations. This company is setting an example for how to care for the environment by making decisions that revolve around preserving the environment for future generations.

The COVID-19 pandemic has taken a toll on the amount of available jobs across the nation. Unemployment benefits offered during these hard times have also played a significant role in stealing workers away from their companies. The car service industry is among these careers being negatively impacted. Many people working for Uber or Lyft were forced to retire for the time being due to lack of work. Despite the world beginning to open back up, these former workers have not been returning back to work. On the other hand, with the world opening back up, more and more people have been taking advantage of this and beginning to return back to living a normal life. Companies such as Uber and Lyft expected their workers to return once unemployment benefits halted, however that was not the case. As a result, current drivers are making more money while customers pay higher fare rates.

In today’s market, consumers are offered a variety of instantly available products from across the globe. The sourcing of production across nations and within borders has allowed this globalization to be efficacious – effective supply chain and logistics being the main component to this success. When COVID-19 appeared, the supply chain’s pre-existing fundamental issues were exacerbated; now, this crisis is powering a retreat from globalization, similar to the effects of the 2008 financial crisis.

As shown in a previous blog, global food prices are on the rise, and food security is an ever-growing concern worldwide. In China, there is a new issue. Last week, China urged local authorities to encourage families to stockpile “daily necessities.” Many citizens have seen this as a warning to them and have now induced panic buying.

Inflation in the context of economics is defined as a general increase in prices and a fall in the purchasing power of currency. Inflation can occur in an economy for a multitude of reasons and has been present in the United States and global economy at several points in history. The most notable historical case of inflation was The Great Inflation, a time period between 1965 and 1982 in which inflation was particularly high, resulting in large changes in policy, macroeconomic theory, and global monetary systems.  One of the main impacts of inflation is the toll it takes on consumers - when prices rise on basic consumer products such as food and gas, the money earned in wages does not stretch nearly as far to cover expenses. Let’s take a look at some of the causes and effects of the current increase in consumer prices.