Navigating Globalization in the Aftermath of COVID-19

Abstract

The COVID-19 pandemic has affected over 200 countries and territories, leading to well over 40 million confirmed cases and over 1.1 million deaths worldwide (covid19.who.int/). While many are hopeful, an effective vaccine is not yet assured, and the world still struggles with the so-called “new normal” during the pandemic. Meanwhile, even prior to the pandemic, deep structural “mega-trends” have been sweeping across the world, notably the emergence of a new era of “digital globalization”. These changes promise to re-shape international economic linkages just like the previous waves of globalization relating to trade, finance, and people. In important ways, this new globalization is linked to the 4th industrial revolution, which sees automation, artificial intelligence, the internet of things (IoT) and other technological trends reshaping not just the world economy, but also creating disruptions and spurring innovations in social and political spheres. Using a Philippine perspective, it is critical to understand the implications of these waves of change, which are sweeping across the world. Intended as an evidence-based foresight analysis. this paper maps the main features of globalization in the aftermath of COVID-19; and it outlines some initial policy directions with a particular focus on science and technology. Its main recommendation is to focus the Philippines’ effort to build-back-better from the health pandemic on areas that would improve on inclusive recovery from the pandemic, and inclusive development during the post-pandemic period.