The world appears to be experiencing a globalisation backlash with an assault coming from both economic and societal fronts. In this changing world, the two defining characteristics of globalisation – increased global trade and greater economic participation in trade – now look poised for an extended downward trend. While leaders, bankers and economists meet in Davos this week to extol the virtues of a globalised world, their favoured view of the global approach is not one that is shared the world over. Global trade is no longer driving global growth like it once was. It grew last year at just 1.7 percent, lagging world economic growth for the first time in 15 years and for only the second time since 1982, according to the World Trade Organisation, which expects a further slowdown in 2017. The decline in world trade, cross border lending and foreign direct investment, and the increase in protectionist measures together will have profound implications for cross border global flows. And reversal of these multi-decade dynamics is likely to be have an impact in Asia.