This briefing analyses the causes and impacts of the well-publicised issues with global supply chains. Key points include: Over the last few decades, increased globalisation has combined with the move towards just-in-time inventory management. COVID-19 presented both a demand and supply side shock to global supply chains. The impact has been uneven across sectors. Crucially, critical industries, such as fertiliser and semiconductor chips, have struggled to meet demand. Looking ahead the outlook is for some supply chain pressures to ease over the course of 2022 as goods demand subsides from record levels, allowing for backlogs to clear.
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