Switzerland the most globalized country according to the study
Published: Wednesday, Dec 6th 2023, 11:40
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According to a study by the ETH economic research institute KOF, Switzerland is the most globalized country. Belgium and the Netherlands also made it onto the podium. However, the degree of globalization in 2021 was still below the pre-pandemic level overall.
Switzerland's top position is due in particular to its high exports and imports, its influential role in the global financial sector and the presence of numerous international organizations, according to the study on the KOF Globalization Index published on Wednesday.
Smaller countries are generally often more closely intertwined with large economies and neighbouring countries, which leads to a higher degree of globalization. In contrast, large nations such as China or the United States show more complex patterns, according to the report.
Pre-pandemic level not yet reached
According to the survey, the top ten also includes European countries such as Sweden, the United Kingdom, Austria, Germany, Denmark, Finland and France. This is largely due to the economic, social and political interdependence within the EU.
However, the study shows that globalization has not yet fully recovered in 2021 compared to 2019. However, after the drastic decline in 2020 as a result of the pandemic with the collapse of trade and international relations, there was a recovery.
This is particularly true for low-wage countries. According to the study, the degree of globalization in some countries has already exceeded pre-crisis levels.
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