New major players are emerging, with BRICS countries - Brazil, Russia, India, China and South Africa - heavily influencing a World Trade Organization (WTO) in crisis as it struggles to control the looming US-China trade war.

Meanwhile, the G7/G8 faces increased competition from the G20 to be the dominant global economic grouping. Initiatives like China’s Belt and Road are in the process of reshaping economic geography, with increasing competition for investment in Africa and other emerging regions.