Economic research and trade policy analysis
Conclusion
For almost seven decades now, economies around the world have been opening their markets to each other, recognizing that interdependence and cooperation create shared prosperity. However, severe challenges, such as the financial crisis of 2008-09, the COVID-19 pandemic and the war in Ukraine, now threaten to undermine this vision, highlighting a number of risks inherent in a globalized world. As a result, some have begun to question the benefits of globalization. The implication of this way of thinking is a more fragmented, less integrated world. Fortunately, this has not happened yet. There is still time to act, but, as this report shows, the changing narrative on globalization has already translated into heightened tensions and first signs of geoeconomic fragmentation in trade.
Acknowledgements and Disclaimer
The World Trade Report 2023 was prepared under the general responsibility and guidance of Anabel González, WTO Deputy Director-General, and Ralph Ossa, Director of the Economic Research and Statistics Division. Director-General Ngozi Okonjo-Iweala, Chief of Staff Bright Okogu, and Trineesh Biswas from the Office of the Director-General provided valuable advice and guidance. The report was coordinated by Alexander Keck and Victor Stolzenburg.