What global events in late 2019 and early 2020 have contributed to a rethinking of globalisation strategies among policymakers?

Correct Option: COVID-19 pandemic

Explanation:

In late 2019 and early 2020, the outbreak of the COVID-19 pandemic created unprecedented global disruptions. The rapid spread of the virus led to worldwide lockdowns, severe international travel restrictions, and major interruptions in global supply chains. Key industries faced critical shortages of medical supplies, pharmaceuticals, and manufacturing components due to an over-reliance on centralized global production networks.

These disruptions forced economic experts, multinational corporations, and policymakers to rethink traditional globalization strategies. Instead of focusing solely on cost-efficiency and lean supply chains, nations and businesses began prioritizing supply chain resilience, nearshoring, reshoring, and diversification to better protect against future global crises.