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The Source of Future Growth and Commonwealth Advantage

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The Source of Future Growth and Commonwealth Advantage

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Deepening intra- Commonwealth trade and investment – and using these possibilities to promote women and young entrepreneurs – can help drive economic growth, generate employment, and boost citizens' prosperity. These variables contribute to the achievement of the internationally agreed-upon goals of the 2030 Agenda for Sustainable Development. Towards a Common Future is the subject of this year's Commonwealth Heads of Government Meeting. This assessment indicates that the Commonwealth's intertwined economic and governance linkages provide a ready and sturdy foundation fabric from which we may jointly as a family of nations build a future that is fairer, more sustainable, more wealthy, and more safe.

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Strengthening the Commonwealth Advantage: Trade, Technology, Governance has been prepared ahead of the Commonwealth Heads of Government Meeting in April. Building on the 2015 Commonwealth Trade Review, this second review presents new empirical findings, rich insights and practical recommendations on how to boost the ‘Commonwealth advantage’ in trade and investment.

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The global trade environment is changing dramatically, including the technology and governance frameworks that underlie and sustain contemporary commerce in products, services, and the digital economy. This changing climate poses both problems and huge potential to increase and deepen trade, investment, and innovation among the 53 member nations of our expanding Commonwealth family.

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57 percent of announced greenfield projects in other Commonwealth members were funded by investors in Commonwealth developed nations in the three years before COVID-19 (Table 3.3). The United Kingdom played an important role by leading the way with $24.1 billion in outbound investment resulting in 79,414 employment (nearly one-third of the total generated through intra-Commonwealth investment). Singapore, India, and South Africa were important sources of intra-Commonwealth investment and jobs among emerging countries, as were Malaysia and Bangladesh to a limited extent.

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The majority of Commonwealth countries had a considerable decrease in total FDI inflows in 2020, with the developed nations, for example Singapore, and large African economies such as Nigeria and South Africa experiencing the worst decreases in absolute terms.

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Annual FDI inflows to the Commonwealth expanded 2.5 times faster on average than global inflows in the period preceding the pandemic. The Commonwealth's contribution to global inflows increased by approximately 3 percentage points over this time, reaching 23.3 percent in 2019.

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Governments will expedite convergence on a sustainable future by including equity, long-term sustainability, and associated objectives, while also supporting development and innovation in critical "bleeding edge" areas such as technology, finance, and health.

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The government's priority is quick but steady financial and economic growth, job security and creation, and assistance for critical industries. Businesses are seeking to minimise overheads, boost efficiency, and re-secure supply chains while dealing with the ongoing implications of the pandemic and the new health and safety rules for workers and consumers.

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As countries throughout the globe begin to relax lockdown restrictions, there is a chance to instil more resilience in companies and supply networks, allowing them to recover more quickly.  however,

The global recovery, will be uneven, and progress on it will  dependent on how other countries deal with the pandemic.  there are different recovery

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Trade and the economic crisis facing the Commonwealth

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The COVID-19 supply chain contagion has implications for the national revenues of Commonwealth countries. Export shocks have an impact on industrial value-added (i.e. worker and owner income), which in turn has an impact on domestic demand.

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Some countries have been hit far harder than others. The variable impact of the pandemic in various nations shows that the reported differences between countries are due to structural factors. The first is the sectoral makeup of domestic activity; the second is exposure to trade in general, and specifically GVCs trade.Commonwealth nations Textiles and clothing (-5.9 percent) and re-import and re-export of services are the most impacted industries (-5.9 per cent). Hotels and restaurants are also losing money (-4.4%), which is critical for Commonwealth small island developing countries (SIDS) that rely on tourism.

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Quarantines, lockdowns, social distancing, and significant levels of uncertainty have resulted in a considerable decline in demand for products and services, with global value chains (GVCs) passing the economic blow on to upstream supplier economies.

COVID-19's impact across sectors for all Commonwealth nations The strength of the effect was driven by a mix of supply and demand shocks that spread across the economy. While industries like as education and administration were not as much struck, due to the ability of people to work from home, retail, hotels, and restaurants were severely impacted due to their reliance on interactive means of delivery.

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The pandemic of COVID-19 is having an unprecedented influence on global economies, enterprises, governments, and society.

COVID-19 has had an effect on trade by causing supply and demand shocks.