Staff Reporter
Islamabad
Coronavirus has become a serious threat to the globalisation as it has dramatically reduced the international flow of money, goods, and people, a business leader said Tuesday. Coronavirus has compromised the circulatory system of the global economy by infecting the global supply chains that connect manufacturers and consumers, said Shahid Rasheed Butt, former President ICCI. He said that nothing is safe from disruptions and many major companies are considering bringing back manufacturing facilities to their countries and seems less interested in economic integration. Shahid Rasheed Butt said those who consider economic globalization reason behind environmental degradation, climate change, conflicts and rising inequality are raising their voice with renewed vigour. Global financial crisis, US-China trade water and now coronavirus outbreak has left many considering free trade a failed idea of the global elite commonly called Devos Elite, he added. The UK has divorced the European Union which was a victory for economic nationalists as the global community has failed to establish new rules for comprehensive economic, environmental, education and healthcare problems.
