Infosys WEF23 – Economist Impact: Reinventing Globalisation - A new world order?

In an increasingly fragmented world, ‘deglobalisation’ is on top of everyone’s minds with the reimagining of global capitalism. But is it really deglobalisation, or the beginning of a new global order?
Globalisation is at an inflection point. Following China's entry into the World Trade Organisation in 2001, global supply chains expanded rapidly around the world in a period that some have referred to as hyper-globalisation. Multinational companies from many nations, particularly those in the developed world, built factories and supply chains in all corners of the globe. China's economy also expanded rapidly in the 2000s and became central to many of these supply chains.
Despite the rapid expansion of supply chains, a backlash was forming against this form of globalisation. Voters in advanced economies started pushing back against free trade agreements (FTAs) and the political support for FTAs started to crumble. This trend was typified in the early stages of the Trump administration when they pulled out of the Trans-Pacific Partnership, a proposed trade agreement between 12 Pacific-rim nations. This move was followed by the US-China trade war leading to fears of decoupling between the world's two largest economies.
The Covid-19 pandemic added to these disruptions. Supply chains came under immense pressure and companies shifted the location of their supply networks in an effort to build resilience. While these shifts in supply chains are still underway, a greater regionalisation of these networks is emerging. With this backdrop, there are major questions over the future of globalisation which this panel will address:
• Is the period of hyper-globalisation really over or will we see a return to expanding global supply chains?
• Will the war in Ukraine lead to greater fragmentation in the global economy?
• What are the economic consequences of a fragmented global economy?
• If deglobalisation can be avoided, what does a chapter of new globalisation look like? Who will lose and who benefits from a new form of globalisation?