The global economy has experienced a golden era over the past 40 years: an annual growth of 5.5% (3% excluding inflation), a total shareholder return (TSR) of 8% per year for major global stock markets, inflation dropping from 12% to 1%, and some major countries emerging from poverty and reaching average living standards comparable to those of Europe or the United States two decades ago.

Globalization has been a key driver of this growth.

Today, this cycle is being called into question.

Are we entering a cycle of economic deglobalization?

• English (International)
• English (US)
• French