Conclusion

For almost seven decades now, economies around the world have been opening their markets to each other, recognizing that interdependence and cooperation create shared prosperity. However, severe challenges, such as the financial crisis of 2008-09, the COVID-19 pandemic and the war in Ukraine, now threaten to undermine this vision, highlighting a number of risks inherent in a globalized world. As a result, some have begun to question the benefits of globalization. The implication of this way of thinking is a more fragmented, less integrated world. Fortunately, this has not happened yet. There is still time to act, but, as this report shows, the changing narrative on globalization has already translated into heightened tensions and first signs of geoeconomic fragmentation in trade.