Extended COVID-19 lockdowns across several parts of China and the continuing Russia-Ukraine war have strangulated the global supply chain. A scarcity of raw materials and acute labor shortages have been damaging businesses worldwide. However, the Global Supply Chain Pressure Index (GSCPI), a new barometer of global supply chain pressures, points to an easing in global supply chain disruptions since December 2021.
The U.S. Senate recently passed its version of the Ocean Shipping Reform Act (OSRA). If signed into law, this act is expected to help unlock a major supply gridlock in the shipping industry and thereby improve overall logistics. Furthermore, according to FMI, the global supply chain management market is projected to grow at an 11.4% CAGR from 2021 to 2031.
