Is the world moving towards re-globalization or de-globalization?

Nowadays a lot of politicians and economists claim that the world is moving towards deglobalization because of many reasons.

There are three main issues that the world has changed: rebalance of the force , protectionism and the impact of Covid-19.

First, ‘the rise of emerging economic countries’ led to rebalancing of force and the phenomenon of Asia power. For example, in 2013 China’s share of world GDP beat out the USA and has maintained the first place until today (Sapir, 2020).

Beside that, it is clear that an increasing number of countries are following protectionism and adopted anti-immigration policies. For example, US President Donald Trump raised the slogan ‘America First’ which became well known in the world.

Finally, due to Covid-19 lockdown, globalization is becoming slower than ever before. Every country has to suffer from the pandemic and save its own national economies. According to economic experts, this pandemic definitely leads to a reduction in international trade, a drop in investment and a slowdown in the global economy (vesti.ru., 2020).