Three Globalization Shocks Could Hurt China and Help India
The 2008 global financial crisis, the COVID-19 pandemic, and Russia’s invasion of Ukraine have dimmed China's economic prospects while brightening India's. But, to minimize their risks and maximize their opportunities, both countries will need to reassess their current domestic policies and governance.
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PROVIDENCE – Over the past decade and a half, financial, health, and geopolitical shocks have pummeled world trade. The 2008 global financial crisis devastated the banks that financed much of the world’s commerce, and then triggered a secular decline in economic growth. In 2020, the COVID-19 pandemic closed factories and upended global supply chains. And now Russia’s invasion of Ukraine has disrupted food and energy supplies, threatening to divide the world along geopolitical lines.