For decades, globalization continued apace, driven by the compelling economic benefits. However, the world has recently witnessed disruptions such as rising protectionism, the pandemic, and conflicts in Europe and elsewhere that have cast doubt on continued globalization. This begs the important question what opportunities may exist for further global cooperation as we grapple with present and emerging challenges, including inequitable growth, environmental degradation, and stretched global supply chains. In the meantime, digitization is changing the economics of globalization. For example, as digital platforms become global in scope, they are driving down the cost of cross-border communications and transactions, allowing businesses to connect with customers and suppliers more easily. Digital flows are actually soaring - transmitting information, ideas, and innovation worldwide and broadening participation in the global economy. It remains to be seen how countries will adapt to this new era of global flow. Therefore, policy initiatives and international cooperation at this juncture are more critical than ever. This Dialogue seeks to identify the true state of globalization in the face of challenges, and deliberate on the optimal policy mix to address short-term challenges of globalization without jeopardizing long-term sustainable growth.
