World News for Students of English

16-11-2023 07:00

Robert Moritz, PWC Global Chairman gives his perspective on globalization.

According to Moritz, globalization is not dead; however, it’s undergoing a transformation. Traditional global trade and engagement on a worldwide scale may be limited, but there is still a need for such interactions, although on a more regional or bilateral basis. Moritz anticipates a shift towards greater regionalization rather than fragmentation, with regions like North America, Europe, and Asia integrating and converging. Despite the perception of increased fragmentation, efforts to enhance trade exposure and exports between countries within these regions are evident.

Moritz suggests that economic growth may stem from disaggregation rather than global integration. They foresee an evolution of globalization, emphasizing more regional and possibly bilateral globalization as an unstoppable and logical progression in global trade.

Difficult words: bilateral (involving two parties), fragmentation (the process of breaking into smaller parts), disaggregation (the process of breaking into smaller components or pieces).

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