{
  "title": "Picture This: Globalization’s Peak",
  "sourceUrl": "https://www.imf.org/en/publications/fandd/issues/2023/06/pt-globalization-peak-stanley",
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  "summary": "Trade plateaus and restrictions rise, marking a new era for globalization",
  "sections": [
    {
      "heading": "Overview",
      "content": "- The free flow of goods, services, capital, people, and ideas across national borders fosters greater economic integration; globalization refers to the trend toward these flows moving more freely between countries.\n- Recent evidence suggests globalization has reached a momentary peak, with trade openness plateauing globally since 2008 and receding for some of the world’s largest economies.\n- Concurrently, there has been a significant surge in trade restrictions globally over the past few years."
    },
    {
      "heading": "Key findings",
      "content": "- Trade openness metric has plateaued on a global level since 2008.\n- The trade openness metric has receded for some of the world’s largest economies.\n- There has been a significant surge in trade restrictions globally over the past few years.\n- The history of globalization is characterized by five main periods with different configurations of economic and financial power and different rules and mechanisms for economic and financial ties between countries.\n- Policymakers are increasingly focused on the prospect of growing geoeconomic fragmentation."
    },
    {
      "heading": "Metrics and evidence",
      "content": "- Trade openness metric defined as: the sum of exports and imports of all economies relative to global GDP.\n- Long-run data covering a century and a half show clear main phases of globalization.\n- Trade restrictions imposed in 2022: (not quantified on this page; text indicates a notable increase in recent years)."
    },
    {
      "heading": "Recent shocks and drivers of change",
      "content": "- Rise in trade tensions between the world’s two largest economies, the United States and China.\n- Russia’s invasion of Ukraine has caused massive disruptions of financial, food, and energy flows across the globe.\n- COVID-19 increased focus on economic security and on making supply chains more resilient after the pandemic exposed their vulnerability in many countries."
    },
    {
      "heading": "Implications and policy focus",
      "content": "- The observed plateau in trade openness and surge in trade restrictions suggest a new era for globalization with greater fragmentation risks.\n- Policymakers are working to understand and address the prospect of growing geoeconomic fragmentation, with increased emphasis on economic security and supply-chain resilience.\n\nF&D Magazine — Globalization’s Peak; ANDREW STANLEY; June 2023.\n\n---\n\n Content in this bundle\n\n- Globalization’S Peak\n  - Globalization’S Peak (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Globalization’S Peak (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/fandd/issues/2023/06/pt-globalization-peak-stanley"
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    "Authors: ANDREW STANLEY",
    "Published: June 1, 2023",
    "The free flow of goods, services, capital, people, and ideas across national borders fosters greater economic integration; globalization refers to the trend toward these flows moving more freely between countries.",
    "Recent evidence suggests globalization has reached a momentary peak, with trade openness plateauing globally since 2008 and receding for some of the world’s largest economies.",
    "Concurrently, there has been a significant surge in trade restrictions globally over the past few years.",
    "Trade openness metric has plateaued on a global level since 2008.",
    "The trade openness metric has receded for some of the world’s largest economies.",
    "There has been a significant surge in trade restrictions globally over the past few years.",
    "The history of globalization is characterized by five main periods with different configurations of economic and financial power and different rules and mechanisms for economic and financial ties between countries.",
    "Policymakers are increasingly focused on the prospect of growing geoeconomic fragmentation.",
    "Trade openness metric defined as: the sum of exports and imports of all economies relative to global GDP.",
    "Long-run data covering a century and a half show clear main phases of globalization.",
    "Trade restrictions imposed in 2022: (not quantified on this page; text indicates a notable increase in recent years).",
    "Rise in trade tensions between the world’s two largest economies, the United States and China.",
    "Russia’s invasion of Ukraine has caused massive disruptions of financial, food, and energy flows across the globe.",
    "COVID-19 increased focus on economic security and on making supply chains more resilient after the pandemic exposed their vulnerability in many countries.",
    "The observed plateau in trade openness and surge in trade restrictions suggest a new era for globalization with greater fragmentation risks.",
    "Policymakers are working to understand and address the prospect of growing geoeconomic fragmentation, with increased emphasis on economic security and supply-chain resilience.",
    "**Globalization’S Peak**"
  ],
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