New Contours of the Future of Global Value Chains

Andrey Alexandrovich Maltsev
Additional contact information
Andrey Alexandrovich Maltsev: Institute of Economics of the Ural Branch of the RAS, Moscow, Russia

Russian Foreign Economic Journal, 2025, issue 1, 10-25

Abstract: With the increasing global economic fragmentation and rising uncertainty in the world, there has been much debate about the retreat from globalization. Th ere is no clear-cut opinion on its prospects among experts. Using the example of global value chains (GVCs) as one of the most important actors in the world economy, the article makes an attempt to show the prevailing points of view of foreign experts on this issue. Th e outline of the possible contours of the future of globalization is considered from the perspective of the eff orts being made to strengthen the resilience of GVCs, the prospects for their “servicifi cation” and the consequences of government intervention in this area. A generalization of modern world practices allowed us to draw the following conclusions. Firstly, outward-oriented GVCs, rather than inward-oriented structures confi ned within their perimeter, have proven to be more resilient to external shocks during the pandemic as compared with single large companies. Secondly, due to the growing knowledge intensity of the world economy, the process of its “servicifi cation” is accelerating, opening up both additional opportunities and carrying additional risks for growing economies. Th irdly, to realize the emerging prospects and stop new threats emerging within the process of participation in the international division of labour, a proactive government policy is required to ensure sustainable growth based on the synergistic use of the country’s internal potential and external factors of economic development.

Keywords: global value chains; world trade; world economy; “servicifi cation”; shock vulnerability of GVCs (search for similar items in EconPapers)
Date: 2025
References: Add references at CitEc
Citations:

Downloads: (external link)
http://repec.vavt.ru/RePEc/alq/rufejo/rfej_2025_01_10-25.pdf (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:alq:rufejo:rfej_2025_01_10-25

DOI: 10.24412/2072-8042-2025-1-10-25

Access Statistics for this article

More articles in Russian Foreign Economic Journal from Russian Foreign Trade Academy Ministry of economic development of the Russian Federation Contact information at EDIRC.
Bibliographic data for series maintained by Irina Katolik ().