The International Monetary Fund (IMF) has warned of the likelihood of the deepest economic downturn in nearly 100 years, partly due to lockdowns across the world, and also forecasted a decline in the volume of world trade in excess of 10%.
Various types of lockdown protocols in different countries quickly changed consumer habits and sent ripples back up supply chains. While orders are still coming through, many producers in New Zealand face an extended period of recalibration in both their revenue forecasts and employment.
The crisis also revealed a dearth of international cooperation to help fix what is fundamentally an international problem. None of the expected bodies were able to take the lead to regulate or coordinate a global pandemic response which may mean that international institutions have simply stopped working. Eventually, countries may again realise that cooperation is important, and New Zealand should be at the forefront encouraging this.