14.Sep .2020 17:16

First economy, then health – ICC on COVID-impact

First economy, then health – ICC on COVID-impact
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„One of the cruelties of COVID-19 is that its effect hit its economic community before its health community“ – told ICC Secretary General John Denton The Checkpoints, drawing on the example of the global garment industry.

“We saw, for example – Denton elaborated more on the issue - the collapse of the value chains around the garment sector within about the three weeks of the close down in the US but that impact was actually felt in Bangladesh. We saw some million workers thrown out of their jobs, and it was before COVID-19’s health impact hit them.”

What happened was that when consumers were blocked from going to shops, the whole supply chain was then affected from the consumers all the way through to producers and all the way through sub-contractors and to the SMEs, macro-SMEs and individuals.

“When I look at the Georgian economy – Denton continued - SMEs and macro-SMEs dominate. You have very important sectors that rely upon the movement of people – like tourism – so we’ve seen that collapse as well. These are the real stories of the real people”.

John Denton became Secretary General of the International Chamber of Commerce (ICC) in 2018. He is a global business leader and international advisor on policy and a legal expert on international trade and investment. Denton serves on the Board of leading global infrastructure group IFM Investors and is Chair of the Asia Pacific Advisory Council of Veracity WorldWide.

ICC is the institutional representative of more than 45 million companies in over 100 countries. Its mission is to make business work for everyone, every day, everywhere.