The COVID-19 crisis exposed the fragility of the traditional Global Value Chains (GVCs) model characterized by fragmented and globally distributed production processes. This disruption can be explained by structural and cyclical causes. The World Bank’s World Development Report 2020 described a downturn in world trade and GVCs long before COVID-19. Many factors were already fostering a reorganization of GVCs, such as the rise of protectionist movements and ecological concerns, the increase in wage costs in emerging countries and the emergence of Industry 4.0 technologies involving significant relocation and reshoring of industrial activities. By Hafsa EL BEKRI & Hicham SEBTI.
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