Globalisation is not dead, but it is fading: 'glocalisation' is becoming the new mantra

Not bad. But not great either. That summed up the mood as the World Economic Forum ended in Davos last Friday with a panel on the state of the global economy. Not bad because most countries outperformed expectations of a year ago. Not bad because sharply rising interest rates didn't plunge the US, the eurozone and the UK into recession. Not bad because the war between Israel and Hamas has failed to send oil prices shooting above $100 a barrel. Not great because central banks face a balancing act between cutting interest rates too quickly and reigniting inflation, and keeping…