Global trade is in free-fall, with supply chains frozen and lockdown sharply reducing demand for goods. But even beyond the short-term shock, the COVID-19 crisis looks likely to reshape Asia's recent globalisation in profound and uncertain ways. It seems clear that the era of "hyper-globalisation" prior to the 2008 crisis is now over. But what will come after it? Does Asia face a new era of protectionism and separation between east and west? Or might a new model of globalisation emerge, fashioned around new regional supply chains and driven by trade in services and digital products, rather than physical goods?
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