Production of goods and services was increasingly globalized from 1990 to 2008. The process was more pronounced in some regions and sectors than in others as firms began to organize their production in complex global value chains (GVCs). They designed products in one country, procured parts and components from several countries, and assembled the final products in yet another country. As a result, international trade and investment flows increased considerably, far outpacing the growth of economic output. However, with the 2008 global financial crisis and the great recession that followed, the growth of GVCs and trade slowed, prompting speculation that the phenomenon had run its course.