Times of IndiaLean R·
The great economic divide: East-West split could cost world $6.9 trillion, WEF warns
The world is witnessing a significant shift from globalization to geo-economic fragmentation, with the World Economic Forum warning of a potential $6.9 trillion hit to global GDP. This fragmentation, already costing billions and increasing inflation, is driven by rising nationalism and trade disputes, particularly between the US and China. Emerging markets face the brunt, while multilateral institutions weaken, and policy uncertainty hampers investment and hiring.
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