admin In a comprehensive analysis, the recently released “New DHL Global Connectedness Report 2024” by DHL and New York University’s Stern School of Business reveals that globalisation continued its upward trajectory, reaching a record high in 2022 and maintaining near-record levels in 2023. This surprising resilience persisted despite significant global shocks over the past decade, including the Covid-19 pandemic, conflicts in Ukraine and Gaza, and the US–China trade dispute.
Trade Growth to Surge in 2024, Boosting Global Connectedness
The report indicates that the share of global output traded internationally rebounded to a record high in 2022. Although trade growth experienced a brief slowdown in 2023, it is forecasted to accelerate in 2024, playing a pivotal role in enhancing global connectedness. The study monitors the movement of trade, capital, information, and people across 181 countries and territories.
Corporate globalisation emerges as a key trend, with companies expanding international presence and increasing sales abroad. The report dispels the notion of globalisation reversing course, emphasising its profound impact on the world and its potential for further transformation. John Pearson, CEO of DHL Express, emphasises that globalisation empowers individuals, businesses, and nations to flourish.
Changing Dynamics: US-China Ties Diminish, Europe Reigns as Most Globally Connected Region
While US-China ties continue to diminish, both nations remain significantly connected. The report reveals a shift in Russia-Europe dynamics, causing a substantial drop in Russia’s connectedness. Singapore and the Netherlands top the list as the most globalised countries. Europe leads as the world’s most globally connected region, followed by North America and the Middle East & North Africa.
Contrary to predictions of a global shift towards regionalisation, the report asserts that most international flows occur over stable or longer distances. Geopolitical threats and policy shifts have led to concerns about de-globalisation, but the data suggest that international flows continue to grow, challenging the narrative of a retreat from globalisation.
In conclusion, the report highlights the resilience of global flows and cautions against an overly pessimistic focus on threats to globalisation. The findings underscore that, despite challenges, deglobalisation remains a potential risk rather than a current reality, urging stakeholders to recognise and nurture the ongoing strength of global interconnectedness.
Magazine
