Professor Fallico: we’re in the midst of epochal transition to new global governance

Our planet today is going through a contradictory and difficult period of transformation – as stated by Professor Antonio Fallico, the President of Conoscere Eurasia Association, during the official opening of the 16th Verona Eurasian Economic Forum, held in Samarkand (Uzbekistan) under the Economy of Trust and Business Diplomacy motto

“Whether we like it or not, we’re in the midst of an epochal transition to a new global, economic and political governance: we’re experiencing a confusing, contradictory and still long but inevitable transition to a pluralistic and multipolar world. In this regard, the business world must be aware of and be prepared not only for passive adaptation, but also for forecasting, and possibly for active participation in the development of the new economy during and after the maturation of this process,” the Italian expert underlined.

Antonio Fallico recalled that a year ago the Verona Eurasian Economic Forum was hosted by Azerbaijani Baku.

“It seems like an eternity has passed since those days, there were so many events that dizzyingly followed one after another, disorienting our memory. Even then we were seriously concerned, trying to understand where the world and the economy were heading,” the Professor noted. “Today the situation has not become clearer. I would mention, without going into detail, the recent tragedy in the Middle East, which – although being of low-intensity for over 70 years – nevertheless seems to have taken almost everyone by surprise. Perhaps we can say that only the predictability of unpredictability has increased.”

At the same time, according to Antonio Fallico, in the short term it is necessary to understand in which direction the economy is moving.

“Scenarios for the development of the world economy are regularly developed by governments and international institutions, starting with the International Monetary Fund, banks and companies. They are numerous and varied, and have their own plot. Optimistic and pessimistic, they promise everything and nothing, be it the continuation of globalisation in other forms or the regionalisation and fragmentation of economies and trade,” the Italian expert emphasised. “Unfortunately, life doesn’t give us much time to wait. Entrepreneurs must decide now what to do and how to navigate in this dynamic and chaotic world. I personally believe that in the near future, international markets will be characterised mainly by the regionalisation of the economy and the fragmentation of trade, with which residual globalisation is likely to go hand in hand.”