Whether it is at United Kingdom, United States of America, Canada, or any of the African countries the problems of inflation and supply chain obstructions have tilted the world economy, depressing global economic growth at 4.0% by the end of this year, generating untold hardship and creating a tsunami of political and social issues in major countries.

Statistics shows that inflation in USA, Canada and United Kingdom has gone beyond 30% more that 3 decades high. Some of the African countries that have not been able to keep their data together dangles the rate of inflation between 16% and 35%. Even as prices of goods continue to soar in western countries amid surplus flow of capital, essential goods and desired ones have remained grossly scarce because of supply chain shortage.

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The world is in deep crisis and end is not near and fathomable. The bottom line is that the fate of the world and the economic survival of humanity for now depends on the hinges of the Coronavirus, the imploding Omicron, Delta variants and other variants yet to come. Significantly, the greatest threat in the world today may not be Russia pushing to attack Ukraine, Middle East melting politically because of the incessant attacks from the Houthis of Yemen or cyberattacks.

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Various strategic surprises and tactical surprises are imminent/ The worst crisis and threat facing the world today is inflation and supply chain palaver trigger by viruses which have become too tough to silence permanently. Though, we give grand kudos to our scientist and companies such as Pfizer, Moderna, Johnson and Johnson, AstraZeneca, various laboratories churning out vaccines and pills, healthcare workers and every humanity who has been in the fore to ensure that this pandemic is drastically reduced.

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Over dependence on China by global companies in USA and Europe on outsourcing to manufacture goods and commodities at cheap prices because of surpluses of labor at cheap rate.

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The pandemic has truncated shipping and travelling all over the world. Lot of flights are cancelled on daily basis, there’s dearth of truck drivers, domestic manufacturing has been impaired due to lack of workers in factories, avalanche of sicknesses, call=offs and deaths pervade the ecosystem. Energy crisis has become a bigger threat as the prospects of oil rising to $100 + has become a big headache. OPEC inability to meet or increase production quota, the diplomatic struggles between USA and China to open their reserves have not appeared a therapeutic to assuage the problem. Of energy crisis.  Money seems to flow in the economic order, yet there is scarcity of goods despite soaring prices of goods making this year’s inflation the worst for four decades.

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Philipp Hildebrand, Vice Chairman of BlackRock on speaking to Bloomberg News said that supply chain problem caused the inflation. While this point is right, it is also necessary to look at some of the core issues that triggered the supply chain problems beyond the pandemics. For instance, the inflated cost of energy, power shortages in China and various areas of Europe also affected manufacturing.

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While the financial world and supply chain systems are battling to fight inflation and supply chain palaver, we can work towards getting the world on track by ensuring that nations that are unable to get adequate supply of vaccines start to receive them without restrictions and colossal charges.

Immigration policies should be worked on to enable core professionals and businesspeople access to travel.

 

More focus should be on eradicating energy poverty and new thinking towards balancing of renewables and fossil energy in driving economic affairs should be fostered.

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Encourage mega oil companies to continue with production while integrating carbon reduction technologies and balance it with investment in renewables which will materialize in the future

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Let's start getting more innovative, apply circular economy and sustainability,

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Get the world working again, by removing politics from reality.