First, restoring supply is harder than restoring demand. Hyper-efficient global supply chains are a marvel of system design, transportation and logistics. And when they are working, we take them for granted. But the pandemic reminded us that a chain is only as strong as its weakest link.
With the waves of the virus hitting different parts of the world at different times, supply and demand could not recover in tandem. Moreover, the large shift in demand during the pandemic toward goods and away from services put even more pressure on clogged supply chains. Businesses couldn't meet customer demand, and prices of goods rose sharply.