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US Secretary Fears Chip Shortage Could Drag on Until 2024

Gina Raimondo, the US Secretary of Commerce, fears that the global shortage of computer chips will last longer than expected. She believes it could take until 2024 to see any signs of improvement.

 

Since the corona pandemic, the demand for computer chips has exploded. The closure of factories in China made the problem even more acute. In the meantime, it has been decided to build new factories elsewhere in the world, but it will take years before the effect is visible.

“During my tour, I spoke to a dozen top executives in South Korea,” Raimondo said, emphasizing that they represented different sectors. “They all agreed that we will have to wait until the end of 2023, even early 2024, for the situation to improve.”

Computer chips have become indispensable: they are in many products, from cars to smartphones to medical equipment. The US secretary called on Congress to quickly pass new legislation to support the production of chips in the United States.

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