There are reasons to be cautiously optimistic on the global economy, including the maritime sector, according to Dr Yap Wei Yim, Head of International Trade Management at the Singapore University of Social Sciences...
Dr Yap observed that the world’s major economies are recovering, as seen in GDP performance for US, China and the Eurozone. Dr Yap is optimistic on Asian growth, and believes that urbanisation will be a key driver of seaborne trade going forward, because urbanisation generates strong demand for commodities and merchandise of all sorts. To capitalise on these opportunities, businesses need to remain resilient, manage risks, plan for contingencies, and capitalise on data. However, Dr Yap cautioned that downside risks cannot be ignored. Unlike previous economic downturns where certain regions were badly hit but others were spared, the 2020 COVID-induced economic crisis was global. As such, Dr Yap opined that seaborne trade is unlikely to witness the sharp rebound similar to that observed in 2010. Risks such as the resurgence of COVID and geopolitical tensions may also derail recovery.
RECOVERY IN PORTS AND THE SHIPPING INDUSTRY - THE POST COVID PANDEMIC LANDSCAPE
The Singapore Shipping Forum 2021 is hosted annually by Moore Stephens, Singapore, is organized in conjunction with co-sponsor BNP Paribas, Singapore, and is supported by both the Institute of Chartered Shipbrokers and the Singapore Shipping Association. The event is part of the Singapore Maritime Week 2021, an event organised by the Maritime and Port Authority of Singapore (MPA), and was attended by more than 300 delegates.