In its 2023 Global Investment Outlook, multinational investment firm BlackRock stated that “we’ve entered a new world order,” in which “geopolitical cooperation and globalization” are “evolving into a fragmented world with competing blocs.”

The report noted that we are now in “the most fraught global environment since World War Two.”


BlackRock 2023 Global Outlook, pg. 11
According to the report, the fragmentation of the world into power blocs (especially the US, Russia, and China) “comes at the cost of economic efficiency.” Western sanctions against Russia, for instance, have made “energy security” a priority for many European nations.

This “geopolitical fragmentation” will “likely contribute to the new regime of greater macro and market volatility – and persistently higher inflation,” according to the BlackRock report.

On page 3, it also says, “The transition to net-zero carbon emissions has caused energy supply and demand mismatches.”

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