Over the past 40 years, our world has become ever more interconnected. Today, no region is close to self-sufficient and all benefit from our global connections. However, the increasing stress on the global flows of goods and services in the past two years has prompted speculation that the world is deglobalizing. The reality is more nuanced. New McKinsey Global Institute research investigating over 30 value chains and 6,000 products suggests that global integration is evolving rather than retreating.