Economic fragmentation could be more damaging to the economy than either the global financial crisis or the pandemic, a new report has warned. Full decoupling between western economies and eastern economies could cost the global economy $5.7 trillion, or up to five per cent of GDP, according to research from the World Economic Forum and Oliver Wyman. The hit would largely come through lower trade, reduced capital flows and lost economic efficiencies. Developing economies would be the worst hit if they were forced to trade exclusively with either…
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