The coronavirus pandemic will reverse globalization. 

For some it’s a prediction, for others an aspiration. The virus’ rapid spread from Wuhan, China, across the globe highlighted the fragilities of an interconnected world. Turning inward, increasing self-sufficiency, decreasing dependence on global linkages are plausible responses.

While global air travel certainly ground to a halt in 2020, business does not appear to have become less global. That’s the conclusion reached when examining the revenue mix of publicly traded companies, aggregated to the index level.

The world map below displays the share of revenue earned domestically for 49 markets across the globe, represented by Morningstar country indexes.[1] Estimates based on annual report data from 2020 shows only 13 countries becoming more domestically focused in 2020. Meanwhile, 29 markets became more globalized, with the share of revenues sourced outside the country…

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