Naseerah Nanabhai | naseerahnanabhai@gmail.com
1 min read | 10:00

Photo Credit: IMF.ORG

Over the past several decades’ global networks and corporations have expanded, but in a post-pandemic world, they are subject to being re-evaluated. Though they won’t shift overnight, their reliability and efficiency have been questioned over the past three years, further spurred by COVID-19 shutdowns and national self-interest.

Globalisation is defined as the process whereby businesses, organisations, and countries operate on an international scale. While many might think it is a new concept, it is surprisingly not. Since the start of civilisation, people have traded goods with their neighbours. While it is often used in an economic context, it also affects and is affected by politics and culture.

However, in the years following the turn of the millennium, globalisation has rapidly been amplified. Until its reach and steady incline were severely impacted by the recess and reshuffle effects of the COVID-19 pandemic.

Yet this does not mean the end of globalisation. There may be retrenchment in some areas, such as critical technologies and reshaping in others, such as onshoring or regionalisation.

But the new form of globalisation is also a unique opportunity to rethink the current framework where we maintain the benefits of an open flow of trade, people, information, and culture. It is a chance to re-establish partnerships and prioritise social concerns such as human rights, climate change, and workforce prerogatives.

While not all countries have benefited equally from the globalisation phenomena, substantial efforts to enhance worldwide trade offer immediate benefits: faster growth, higher living standards, and new economic opportunities for citizens of those territories.