In dramatic and devastating fashion, COVID-19 has exposed the vulnerability in our market systems. The pandemic has closed borders, shuttered businesses, and profoundly disrupted global supply chains. As we look to mitigation and recovery, we also seek to better safeguard our economic future. So, how do we more effectively build smart risk management and resilience into our market systems? Shannon Gaffney, Resonance Chief of Party of the USAID Digital Economy and Market Development (DEMD) Project, explores this question and more in a recent article in USAID’s Marketlinks.
The piece explores how enterprises and industries have harnessed e-commerce, new digital tools, and more robust public-private collaboration to cope with and respond to COVID-19’s economic effects.
But the true key to future resilience lies in rich networks that facilitate connectivity and cooperation at a broader systems level. Where isolation and lack of trust among market actors can limit the inclusivity and efficiency of market systems, collaborative networks can help individual businesses to access new technologies, innovations, and services to respond to emergent market challenges. “When firms are connected effectively, they are much better at managing shocks and stresses.”
Read the full piece here: https://www.marketlinks.org/blogs/market-systems-lens-covid-19-mitigation-strategies