The gradual unraveling of the liberal international order

The Global Economic Time Bomb: The Precarious Situation and the Need for Immediate Action

Despite the apparent stability of the world economy, there are underlying vulnerabilities that suggest a more precarious situation. The global economic order has been deteriorating since the end of World War II and is now on the brink of collapse. If this breakdown occurs, it could lead to chaos where power dictates outcomes, and major powers may resort to war to resolve disputes. Even without direct conflict, the impact of this breakdown on the economy could be severe and swift.

Trade, which has rebounded from the pandemic and is expected to grow robustly this year as a percentage of global GDP, is just one aspect of the global economy that is showing signs of fragility. As countries grapple with increased uncertainty and the erosion of established economic norms, the potential for a more chaotic and unpredictable economic environment becomes increasingly likely. It is crucial for policymakers and leaders to address these underlying issues in order to prevent a more severe economic breakdown in the future.

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