In several recent conversations with senior level executives, I’ve heard two common themes about globalization. One conversation is that it has plateaued. The other is that it’s very much alive, just shifting and morphing. Then along comes McKinsey’s latest quarterly report, “Harnessing the power of shifting global flows” which supports the later – and which I also believe to be true.
Globalization is here for the long haul. Now, it’s more fluid. The channels are changing rapidly; emerging markets are aligning with advanced economies in a multitude of ways; and “digitalization is at the heart of these changes”. Competition, sourcing, supply chains, technology are all impacted, morphing and accelerating at a yet faster pace.
This article is a must-read for those who want to understand what the future of the global economy holds.