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It’s every man for himself, so brace for scarcity, low growth, ...

World

It’s every man for himself, so brace for scarcity, low growth, high prices

Reversal of globalisation will force nations to shift to activities they’re less good at and vastly reduce productivity

Maeva Cousin, Tom Orlik and Bryce Baschuk

The ties that bound the global economy together and delivered goods in abundance across the world are unravelling at a frightening pace.

Russia’s invasion of Ukraine and China’s Covid Zero lockdowns are disrupting supply chains, hammering growth and pushing inflation to 40-year highs. They’re the chief reasons Bloomberg Economics has lopped $1.6-trillion off its forecast for global GDP in 2022.

But what if that’s just an initial hit? War and plague won’t last forever. But the underlying problem — a world increasingly divided along geopolitical fault-lines — only looks set to get worse...

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