8 Drivers Of Change – Globalisation

Of all the drivers of change, globalisation (or, more accurately a mix of globalisation and deglobalisation) has driven change most significantly over the past 12 months, not least due to Russia's invasion of Ukraine.

The war in Ukraine has accelerated threats to globalisation and caused global turmoil, impacting trade and jobs. Sustainability and technology drivers have also played a significant role in driving this mix of globalisation and deglobalisation in the following ways: the cost benefits of manufacturing overseas diminished as lower labour costs are offset by increased automation; transport costs increased significantly with the increased cost of fuel (though shipping costs have declined dramatically in recent months now up only around 80% from pre-pandemic days after having risen by 500% at its peak in September 2021; geopolitics raised the risk of supply chain interruption; and the climate emergency brought into sharp focus the environmental consequences