By Andreas Charalambous and Omiros Pissarides
For decades, the trajectory of the global economy was built on the deepening of trade and other cross‑border linkages. Trade barriers were declining, supply chains were expanding across the world, and production was shifting to low‑cost countries. Globalisation appeared irreversible.
Today, however, the landscape is changing dramatically.
A new reality is emerging: not de‑globalisation per se, but fragmentation. Trade, investment and technology are being
