World development report 2020 Robert A. F. Thurman It has lost its sense

It has lost its sense of purpose

In the seventeenth century

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World development report 2020 Robert A. F. Thurman It has lost its senseGlobal value chains (GVCs) powered the surge of international trade after 1990 and now account for almost half of all trade. This shift enabled an unprecedented economic convergence: poor countries grew rapidly and began to catch up with richer countries. Since the 2008 global financial crisis, however, the growth of trade has been sluggish and the expansion of GVCs has stalled. Meanwhile, serious threats have emerged to the model of trade led growth.