Production disruptions caused by the Covid-19 outbreak could cost the global economy twice as much as a hypothetical global military conflict, recent research by the McKinsey Global Institute shows.
In a report headlined ‘Risk, resilience, and rebalancing in global value chains’, the analysts of US-based consulting firm McKinsey evaluated various risks of a manufacturing shutdown lasting 100 days. The economic shocks considered in the report stem from a wide range of possible events – from a cyberattack and trade rows to military conflicts and a pandemic – and vary in frequency, lead time, and nature of impact.
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