The world is on the cusp of a third wave of globalisation which will see global merchandise trade quadruple by 2050 and trade in services accelerate, thanks to increased economic integration and new technology, according to Trade Winds, a new report from Oxford Economics on behalf of HSBC.

The report highlights several opportunities available to Europe in this third wave of globalisation, including expansion of the European Union, reduced barriers to trade through the implementation of the Digital Single Market in the EU and agreement of further mega-regional trade agreements. Opportunities for businesses highlighted by the report include:

• The rise of the collaborating specialist: Our analysis points to a future for specialists who collaborate with other best-in-class organisations to compete.

• Small players compete globally: Big won’t always be best, or even necessary to interact internationally.

• Operating models based on leasing rather than purchasing: New models for revenue income will fundamentally shift how companies operate, invest for the future and grow.

• Data is king: Using data to track the world today, particularly evolving consumer demands, and use it to forecast for the future will build new intelligent systems and ways of operating.

The full report is available via https://globalconnections.hsbc.com/united-kingdom/en/articles/trade-winds-shaping-future-international-business

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