Switzerland is a globalization champion
(03.01.2024) Despite remaining below its 2019 pre-pandemic level, Switzerland continued its global trade dominance in 2021. This was attributed to robust foreign trade, its role as a global financial hub, and hosting numerous international organizations.
Scoring 90.75 on the Swiss Economic Institute's (KOF) globalization barometer, Switzerland led, followed by Belgium (90.38) and the Netherlands (90.32).
Despite a virtually unchanged international legal framework, the actual volume of trade increased. This increase is mainly due to the sharp rise in consumer spending on goods in the wake of the health crisis.
Globalization trends, however, have faced conflicting forces over the past three years. Traditional exchanges like tourism or migration stagnated due to persistent restrictions, while the digital sector witnessed substantial growth.
KOF notes that small countries tend to forge stronger economic ties with neighbors, elevating their globalization score. In the "top 10," Sweden (89.01), Germany (88.97), Austria (88.50), the United Kingdom (88.39), Denmark (87.79), Finland (87.33), and France (87.19) secured high scores, mainly owing to European economic interdependence.
Additionally, countries like Albania (65.92), Rwanda (51.00), and Georgia (70.32) ascended in the rankings, underscoring heightened globalization in emerging and developing nations.