SPI's Geoeconomics report claims that the international logistics chain will be severely affected by the effects of the economic crisis caused by the Covid-19 pandemic, estimated by IMF in a 3% global GDP contraction in 2020 and by WTO in a 32% collapse in world trade
Global Economic Trends I. At the global level, according to the Institute for Supply Chain Management, during March 75% of logistics companies reported interruptions in their supply chain due to transportation restrictions and 46% of international logistics companies experienced significant delays...News
The latest World Economic Outlook projects the global economy to contract by -3% in 2020, an outcome far worse than during the 2008–09 financial crisis, however in an optimistic scenario, it is forecasted to grow by 5.8% in 2021 when economic activities normalize helped by policy supports.
WTO claims even the most optimistic scenario for 2020 is that trade would shrink by 13%, a bigger drop than in the 2008-09 recession and it warns there is the risk of a much gloomier outcome under which trade would shrink by 32%, on a par with the reduction seen between 1929 and 1932, if protectionist measures should be imposed by developed countries.
According to Oxford Economics, signs are emerging that epidemic control measures are working, nevertheless global economic costs will be significant: China could see a double-digit fall in GDP in Q1 and any rebound in China in Q2 will be swamped by slumping activity in the US and Europe. Global GDP is expected to rebound sharply in Q2, although the contraction through all of 2020 may surpass the -1.1% drop recorded during the 2009 the global financial crisis
Rail freight transport in Europe does not seem to be affected for the moment by the measures to contain the coronavirus epidemic implemented by several countries
Trends Analysts continue to monitor the effects on the global economy due to the COVID pandemic effects. Public health response to the spread of the virus in each country should work within two-to-three months, with economic recovery by the third quarter of 2020 for the US, the fourth quarter of 2020 for China and the first quarter of 2021 for the Eurozone
The economic impact of the Covid-19 public health emergency, as it ripples across the entire planet, is set to become an important test for globalisation
At a depth of 20 metres, the second caisson of the Port of Genoa's new breakwater has been successfully positioned.
Genoa, 24 May 2024 - The Port of Genoa's New Breakwater unfolds along the Sampierdarena basin, opposite the landmark 16th century Lighthouse. The first of the over 90 caissons, set to form part of the initial 4 km of the large-scale maritime infrastructure facility and which, upon overall completion, will stretch along a 6 km coastline, was positioned at a depth of 25 metres.
The Cesare Imperiale waterfront promenade, which cuts along Genoa's cruise port, officially opens to passengers following the completion of extensive refurbishment works.