After decades of growth for world trade, global tourism and international cooperation, globalization hit a couple of roadblocks in recent years, as the reemergence of nationalism and protectionism have undone some of the progress made in the past. After global trade growth stagnated in the wake of the financial crisis and during the first Trump administration, when trade tensions between the United States and China first came to the boil, the Covid-19 pandemic resulted in a steep decline in global trade, which, measured as a share of global GDP, dropped to its lowest level since 2003 in 2020.

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