The current economic situation has underscored the reality that international trade cannot be decoupled from the global financial crisis affecting the U.S. and the rest of the world.
Given the negative growth trends facing the world economy and trade, it is important to keep in mind that “the only thing we have to fear is fear itself — nameless, unreasoning, unjustified terror which paralyzes needed efforts to convert retreat into advance. In every dark hour of our national life, a leadership of frankness and vigor has met with that understanding and support of the people themselves which is essential to victory,” as four-term President Franklin D. Roosevelt said in his first inaugural address.
The deteriorating macroeconomic conditions worldwide are being captured by international multilateral organizations and forecasting firms in their projections of future trade, creating a vicious cycle of pessimism and risk aversion.
What we all need to focus on is the medium- to long-term economic and trade expansion that will come after the crisis has subsided. The key players in the global supply chain must take this opportunity to re-examine and execute the delayed, but necessary improvements in infrastructure, to be prepared for that eventual and upcoming expansion.
Periods of difficulty bring opportunity, but it is imperative to take advantage of them with a plan that has vision and leadership — vision to see beyond the short-term crisis, and leadership to make certain that organizations remain focused, taking the appropriate measures to mitigate short-term risk, while continuing long-term programs.