Global trade restructuring: The New Globalization has brought significant transformations in global trade because of new innovations brought by the Fourth Industrial Revolution (e.g., AI, automation, blockchain, 3D printing, Internet of Things). These have further reduced the cost and increased efficiency in doing business. However, they may pose uncertainties for both businesses and workers. For instance, the scope of global value chains (GVCs) may become narrower as the parts of a product can already be produced closer to home or within a country’s borders, hence, there will be a shift from complex GVCs to simple GVCs.
Know more about the New Globalization and its features. Download the PIDS study, "Understanding the New Globalization: Implications for the Philippines", here: https://www.pids.gov.ph/publications/6872.
Know more about the New Globalization and its features. Download the PIDS study, "Understanding the New Globalization: Implications for the Philippines", here: https://www.pids.gov.ph/publications/6872.
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