CENTRAL ASIAN COUNTRIES AND GVC: THREATS AND WAYS TO PROMOTE ECONOMIC SECURITY DURING THE PANDEMIC

Abstract

The political debate about whether the benefits of international specialization in global value chains (GVCs) outweigh the associated risks of transmission of shocks has intensified since the COVID-19 outbreak and the resulting supply chain disruptions for some goods. There are even questions about whether governments should use political tools to re-localize GVCs. The COVID-19 crisis has revived discussions about the international fragmentation of manufacturing. Supply chain disruptions for a number of key commodities, including medical, during the COVID-19 outbreak showed the interconnectedness and interdependence between countries through global value chains and renewed the discussion about the threats and benefits of globalization. Moreover, OECD experts emphasize the risks and instability associated with the international fragmentation of production [17].