Sir Mark Tucker, chair of HSBC, posits that globalisation may have reached its limits amidst rising geopolitical tensions and US-imposed tariffs, which potentially threaten global economic growth. Speaking at HSBC's investment summit, he pointed out that trade uncertainties foreshadow a change in economic landscapes, suggesting a shift towards strengthened regional economic alliances rather than regression into fragmentation. Tucker acknowledged that while the current global trading model is challenged, it offers opportunities for new economic partnerships, particularly highlighting the growing influence of the Brics-plus nations in international trade.
As we consider present developments we believe that globalisation as we knew it may have now run its course, Tucker said in his speech.
Economic considerations guiding optimally efficient supply chains led to one of the world's greatest periods of wealth creation we have ever seen.
New opportunities will arise of stronger economic ties between different political groupings and trade blocs, including the Brics-plus group of countries.
The balance of economic power changed as a result, and what used to be sustainable no longer is.
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