This week, some cheering vaccine news emerged with the UK regulatory approval of a jab to protect against the virus. Not only are investors celebrating light at the end of the pandemic’s economic tunnel, the development also gives a shot in the arm to that much maligned concept of “globalisation”.
Covid-19 has shown us the perils of cross-border contagion. It has also fuelled xenophobia and protectionism. But the hunt for a vaccine has demonstrated that a globalised world has benefits too — namely cross-border scientific collaboration.
I would hazard a cautious bet that 2021 turns into a year when globalisation enjoys a rebound — in spite of all the recent signals to the contrary. To understand why, take a look at a set of metrics compiled each year by the logistics company DHL and New York University‘s Stern Business School.