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Global Value Chains: Challenges and Opportunities Facing the Region (ADB Insight Full Episode)

Global value chains played a big role in lifting millions out of poverty in Asia. For the past few decades, Asia and the Pacific’s robust production of goods and services boosted the region’s growth. However, global value chains also face unprecedented challenges. The coronavirus disease (COVID-19) pandemic severely strained global value chains. Beyond COVID-19, global value chains also face risks from geopolitical tensions and climate change, according to Global Value Chain Development Report 2021: Beyond Production. ADB Economist Elisabetta Gentile joins ADB Insight to discuss the future of global value chains and how pairing social protection policies with global value chains can further secure the region of the benefits of inclusive growth. 00:00 ADB Insight: Global Value Chains 00:47 The COVID-19 pandemic has strained global value chains 01:31 ADB Economist Elisabetta Gentile discusses the role of global value chains in boosting economic growth 02:40 Asia produces goods that are distributed worldwide 03:25 ADB Economist Elisabetta Gentile explains the “double whammy” impact of COVID-19 on global value chains 03:56 Even during the pandemic recovery phase, global value chains are still experiencing disruptions 04:26 The pandemic offers lessons in strengthening global value chains to withstand future disruptions 05:57 Digitization increases the amount of services that can be performed without the physical presence of the service provider 07:49 Workers’ skills and social protection systems should be strengthened to ensure inclusive growth from global value chains