Air, Express, Freight News, Logistics

FedEx effect adds $80 billion to global economy

[ November 7, 2023   //   ]

FedEx directly contributed more than $80 billion to the global economy in the 2023 – close to the total GDP of Sri Lanka – financial year despite recent economic pressures, according to the express and logistics company’s annual economic impact report, released on 6 November.

Produced in consultation with data and analysis firm Dun & Bradstreet, the study demonstrates the positive impact FedEx has on individuals and communities around the globe, which it calls the ‘FedEx Effect.’

In Europe, the company’s impact included $2.4 billion in indirect contributions to the regional economy. 

FedEx, which celebrated 50 years of operations on 17 April, claims the most extensive transportation network in the world, providing services to more than 220 countries and territories. It employs over 500,000 people across more than 5,000 facilities and moves approximately 14.5 million packages every day.

FedEx contracted with roughly 100,000 suppliers in FY 2023 — 90% of which were small businesses. It also continued to support trade policies favouring greater market access and efficiency such as de minimis customs allowances, which enable individuals and businesses of all sizes to import low-value goods without duties and taxes.

FedEx Express serves more than 45 countries in Europe, with air hubs at Roissy-Charles De Gaulle Airport in Paris, France and Liège Airport in Liège, Belgium.