Mark Carney lays bare the rupture in the world order, says it will mean a poorer world

Mark Carney, former Governor of the Bank of England and Bank of Canada, delivered a stark message at Davos about the breakdown of the global order. He highlighted the current competitive nature of international relations, stating that the rules-based order is fading, allowing the strong to act freely while the weak suffer. Carney warned about the fragility of ordinary people's realities and criticized the asymmetric enforcement of trade rules. He mentioned that multilateral institutions are under threat and emphasized the need for self-defense. Moreover, he called for middle powers to collaborate and build a new economic bloc, citing Canada’s resources as valuable in this new dynamic. His remarks were met with a standing ovation from the audience.