Supply chains under pressure What's happening?
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(CNN) -
Shortage of computer chips.
Epic port congestion.
And a serious shortage of truckers.
The world's delicate supply chains are under extreme stress.
The supply chain nightmare is driving up prices for consumers and slowing the global economic recovery.
Unfortunately, Moody's Analytics warns that supply chain disruptions will "get worse before they get better."
China's energy crisis threatens the global chain 0:48
"As the global economic recovery continues to gather steam, what is becoming increasingly apparent is how it will be hampered by the supply chain disruptions that are now popping up around every corner," Moody's wrote in a report Monday.
In fact, the IMF on Tuesday lowered its forecast for U.S. growth for 2021 by one percentage point, the most for any G7 economy.
The IMF cited supply chain disruptions and weakening consumption, which in turn has been driven in part by supply chain bottlenecks, such as a lack of new cars amid a shortage of chips from computer.
"Border controls and mobility restrictions, the unavailability of a global vaccine pass, and suppressed demand from being stagnant at home have combined for a perfect storm in which global production will be hampered because deliveries are not done on time, costs and prices will rise and GDP growth around the world will not be as strong as a result, "Moody's wrote in the report.
Moody's said the "weakest link" may be a shortage of truck drivers, a problem that has contributed to congestion at ports and caused service stations in the UK to run out of fuel.
Unfortunately, Moody's warned that there are "dark clouds ahead" because several factors make overcoming supply constraints particularly challenging.
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What happens to the supply chain in the world?
2:59
First, the firm pointed to differences in the way countries are fighting COVID-19, with China targeting zero cases while the United States is "more willing to live with COVID-19 as an endemic disease."
"This presents a serious challenge to harmonize the rules and regulations by which transportation workers enter and leave ports and hubs around the world," the analysts wrote.
Second, Moody's cited the lack of a "concerted global effort to ensure smooth operation" of the global transportation and logistics network.
Others are much more optimistic about the prospects for the supply chain.
JPMorgan Chase CEO Jamie Dimon said Monday that these supply chain setbacks will fade quickly.
"This will not be a problem next year at all," Dimon said during a conference held by the Institute of International Finance, CNBC reported.
"This is the worst part. I think the big market systems will adjust like the companies have."