According to World Bank reports, global growth slowed substantially in 2023, with weakness likely persisting into 2024.[1]
Underlying factors include geopolitical instability, a predicted economic slowdown in China fueled by its real estate crisis, the global economy’s slow recovery from the COVID-19 pandemic and government measures to combat decades-high inflation.[2]
These economic drivers are likely to fuel four key trends in international arbitration this coming year.
Investor-State and Commercial Arbitration
As a direct consequence of Russia’s invasion of Ukraine and resulting sanctions, many global companies exited their businesses in Russia. These businesses spanned the gamut, ranging from mining, oil and gas, to financial services and consumer goods.
Today, many businesses that had to abruptly cease operations in Russia in 2022 or had their business taken over at the behest of the Russian government are looking to arbitration as their recourse.[3]
For further information, please contact:
Gregory A. Litt, Partner Skadden
greg.litt@skadden.com
