Global trade growth will accelerate in 2024
Trade growth played a crucial role in boosting connectedness: Report
New Delhi: Globalisation reached a record high in 2022 and stayed nearly as high in 2023, despite various global shocks over the past decade, such as the Covid-19 pandemic, wars in Ukraine and Gaza, and the US–China trade conflict, a report said on Wednesday.
The "New DHL Global Connectedness Report 2024" by DHL and New York University's Stern School of Business, released here, also said that the share of global output traded internationally was back to a record high level in 2022. After a slowdown in 2023, trade growth is forecast to accelerate in 2024, it said. Trade growth played a crucial role in boosting connectedness. The report tracks how flows of trade, capital, information, and people move around the world and measure the globalisation of 181 countries and territories.
The globalisation of information flows has notably surged over the past two decades, even though the latest data show a slowdown in their growth, partly due to less research collaboration between the US and China. Corporate globalisation is rising, with companies expanding their international presence and earning more sales abroad, it said.
"The most recent findings of the 'DHL Global Connectedness Report' unequivocally dispel the notion of globalisation reversing course. Far from being a mere buzzword, globalisation is an influential force that has profoundly reshaped our world and has further great potential," said John Pearson, CEO DHL Express. He further said that expanding markets and fostering opportunities empower individuals, businesses, and entire nations to flourish in unique ways.
The report affirms the considerable potential to continue growing global flows. The report ranked Singapore as among the top most globalised countries followed by the Netherlands.
According to it, 143 countries became more globally connected, while only 38 saw their levels of connectedness decline. Further evidence shows that Europe is the world's most globally connected region, followed by North America and the Middle East & North Africa, it said 'The DHL Global Connectedness Report' also shows that US-China ties continue to diminish, with the shares of both countries' flows involving each other decreasing by about one-quarter since 2016.
