"Davos 2024: Embracing 'Glocalisation' and Optimism Amid Global Upheaval"

The World Economic Forum in Davos concluded with a panel discussing the state of the global economy, acknowledging that while most countries have outperformed expectations, there are challenges ahead. The global economy is facing fractures, with a grim struggle for economic supremacy between Washington and Beijing, widening gaps between north and south, and challenges to liberal democracy. Despite this, globalisation is not dead, but is evolving into "glocalisation," characterized by shorter supply chains, emphasis on domestic manufacturing, and a more strategic role for government. The shift towards onshoring previously outsourced production has been accelerated by recent events, leading to a growing interest in industrial policy and green growth plans.