Deglobalisation and Its Consequences
In 2020, for the first time since World War II, the global economy is faced with the possibility of truly disrupted trade ties. The interdependence of countries has become a source of fear. The pandemic of 2020 has pointedly demonstrated that in a globalised world, there is no solidarity between countries and peoples.
Moreover, freedom of trade is limited by sanctions, trade wars and high tariffs.
In 2000, China, India and Russia together accounted for only 15% of world GDP, while the United States, European Union and Japan accounted for more than 47% – three times as much. In 2020, both of these blocs are at 31.5%.
According to the Munich Institute of Economics IFO, more and more citizens of the Western countries oppose globalisation. The most critical-minded are citizens of France (85%), Germany (64%) and Austria (70%).
