Geo-Economic Fragmentation and the Future of Multilateralism

Addressing vulnerability and promoting security
Jan 24, 2023 | International Monetary Fund

After several decades of increasing global economic integration, the world now faces the risk of policy-driven geoeconomic fragmentation (GEF). In this IMF note, Shekhar Aiyar, Jiaqian Chen, Christian Ebeke, Roberto Garcia-Saltos et al identify multiple channels through which the benefits of globalization were earlier transmitted, and along which, conversely, the costs of GEF are likely to be realized, notably trade, migration, capital flows, technology diffusion and the provision of global public goods. They explore the consequences of GEF for the international monetary system and the global financial safety net and suggest a pragmatic path to preserve the benefits of global integration and multilateralism.

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