ICC COVID-19 Response-SOS Corporate Call to Action-Supply Chain Leadership During COVID-19
As the novel coronavirus (COVID-19) pandemic continues to threaten lives and livelihoods, some of the most severe economic impacts are being felt by micro-, small-, and medium-sized enterprises (MSMEs) and their workforces, in both developed and developing economies. The longer the crisis persists, the greater the risk of the collapse of a system of global supply chains.
Such a collapse would have severe consequences for the global economy and society at large. MSMEs comprise an estimated 80% of the world’s businesses and collectively employ billions of people: Together, they are fundamental to the day-to-day provision of goods and services around the world and are the key to economic growth, social development, and social stability. Despite this, MSMEs often have limited cash flow and reserves, and economic disruption of this magnitude jeopardises their very existence as well as the livelihoods of their employees. A failure to protect MSMEs and their workers could compound the spread of the virus, imperil our collective achievement of the United Nations Sustainable Development Goals, threaten global supply chains and, in turn, further strain the global economy, leading to social and political unrest.