Global trade growth likely to accelerate in 2024: DHL and NYU
The Hindu
Globalisation remains strong despite global shocks, with trade growth forecasted to accelerate in 2024, according to DHL report.
Globalisation reached a record high in 2022 and stayed almost as high in 2023, despite global shocks over the past decade, such as the COVID-19 pandemic, wars in Ukraine and Gaza, and the U.S.–China trade row, DHL and New York University’s Stern School of Business said in a report released on Wednesday.
The two entities in their study, “New DHL Global Connectedness Report 2024”, also said the share of global output traded internationally was back to a record high level in 2022.
After a slowdown in 2023, trade growth is forecast to accelerate in 2024, they forecast.
The report tracks how flows of trade, capital, information, and people move around the world and measures the globalisation of 181 countries and territories.
Globalisation of information flows has notably surged over the past two decades, even though latest data show a slowdown, partly due to less research collaboration between the U.S. and China.
Corporate globalisation is rising, with companies expanding their international presence and earning sales abroad, they said.
“The most recent findings unequivocally dispel the notion of globalisation reversing course,” said John Pearson, CEO DHL Express. “Far from being a mere buzzword, globalisation is an influential force that has profoundly reshaped our world and has great potential,” he added.