The Phase of Globalization When Everything Was Cheap Has Ended, Says Olaf Scholz

The low-cost phase of globalization has ended, German Chancellor Olaf Scholz said on Wednesday, according to Reuters.

"I believe that the phase of globalization when everything was cheap has come to an end, as only a small part of the market is being served by the rest of the world," he stated during his speech to parliament in the lower house of the German Bundestag.

“The progress of the last 30-40 years has also been that many countries have reached us so much that they are now buyers competing with us for scarce goods,” added the German Chancellor.