Sustaining Economic Growth in an Age of Deglobalization
The dawning age of deglobalization undoubtedly poses considerable challenges for developing and emerging economies, which largely have little hope of gaining enough of a foothold in high-end manufacturing sectors to move beyond middle-income levels. But Malaysia and Chile have shown that there is another way.
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SEOUL – Global value chains have had some tough years. First, the COVID-19 pandemic created barriers and bottlenecks, especially in manufacturing. Then, Russia’s war in Ukraine further disrupted GVCs, particularly those involving agriculture and energy. With the fragility of globally dispersed supply networks now fully exposed, countries around the world are seeking to strengthen domestic or regional networks instead.