At Davos, Canada’s Mark Carney warns era of comfortable globalisation is over
Canadian Prime Minister Mark Carney told the World Economic Forum that the world is facing “a rupture, not a transition,” as decades of global economic integration give way to great power rivalry. He warned that tools once meant to foster cooperation, such as trade, finance, and supply chains, are increasingly being used as instruments of coercion. The international institutions that supported collective problem-solving, including the WTO and UN system, are now “greatly diminished,” he said.
While acknowledging why countries are seeking greater self-reliance, Carney cautioned that a “world of fortresses” would be poorer and more fragile. He said Canada is responding with a “principled and pragmatic” shift, strengthening its economy at home while building flexible coalitions abroad, stressing that “the old order is not coming back.”