When Small is Big

Based on the experience of the last couple of years, countries as well as businesses are taking a fresh look at the way they interact globally. The reasons for such a change are the two black swan events during this period.First, it was the pandemic that shocked the enterprises and woke them up to how ill-prepared they were to face the logistic challenges posed by the lockdowns. It is estimated that shutting down of the economic activity due to the pandemic knocked down global growth by almost 3 per cent. Thanks to the synchronised action taken by central banks and governments, the global economy recovered fast but began to falter again in the wake of the conflict between Russia and Ukraine.