The Day After #8 – Deglobalisation could improve diversification but also exacerbate financial contagion

June 25, 2020

In recent years world trade dynamics have definitely shown an accentuated inversion of the globalisation trend and its robust contribution to global economic performance. The Great Financial Crisis (GFC) marked a historic turning point in the degree of global economic integration. Since 2007/08 global trade has entered a period of increasingly protectionist policies (trade barriers, national subsidies, national champions), decelerating growth in trade-intensive sectors, rising policy uncertainty and more recently, trade tensions.

In 2020, the unexpected advent of the Covid-19 pandemic has simply added momentum to a trend that began a decade ago. In response to the current health and economic crisis, countries are redefining their strategies on economic integration, autonomy in strategic sectors and domestic economic sovereignty, reinforcing the deglobalisation trend. 

For most countries, the Covid-19 crisis may push them to rethink their dependency in key sectors such as technology (data protection, privacy and national security). 

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