Analysis | World trade boom keeps de-globalisation at bay Premium

Even if its force is diminishing, reports of globalisation's death may be greatly exaggerated

Globalisation may have peaked, but the resilience of world trade in the face of mounting headwinds means a reversal of the past three decades is not inevitable.

Since the COVID-19 pandemic and Russia's invasion of Ukraine shattered global supply chains, debate has raged over how integrated the global economy will be in the future compared with the previous 30 to 40 years.

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'Globalisation' is an amorphous subject. According to the International Monetary Fund, economic globalisation refers to "the increasing integration of economies around the world, particularly through the movement of goods, services, and capital across borders."

For many economists, globalisation appears to have stalled after three decades of low inflation, easy credit, China's integration into the world economy and a relatively peaceful period.

The pandemic, rise of populist politics, war in Europe and China's military, economic and technological might have resulted in a world far more inclined to look inward rather than outward.

But even if its force is diminishing, reports of globalisation's death may be greatly exaggerated.