**2. From globalization to geoeconomic fragmentation**

Global trade and integration are the driving forces of global economic growth, but in the last decade, one of the main problems of the global economy has been a slowdown in economic growth and geoeconomic fragmentation that has replaced the trend of globalization. The main events that have led to increased geoeconomic fragmentation are those related to BREXIT; trade disputes between China and the United States, Russian invasion of Ukraine.

### *Hodrick-Prescott Filtering of Large Emerging Economies and Decoupling Hypothesis DOI: http://dx.doi.org/10.5772/intechopen.112176*

Trends in global investment have shifted to reshoring and friendshoring, resulting in a slowdown in technology transfer between developed and developing countries [19–21]. Under such conditions, China's economic growth will depend on the state of international trade [7]. At the same time, China accounts for a quarter of exports from Asia, and the removal of COVID restrictions in China causes positive spillover effects for countries with strong trade ties with it [22]. At the same time, the decline in medium-term global growth reflects a slowdown in the rate of improvement in living standards in countries such as China and Korea [8].

At the same time, while there are quite a lot of studies of the impact of China's economic situation on the global economy, in Russia there is a huge gap, which is further exacerbated by the closeness of Russian statistics.

After the introduction of anti-Russian sanctions, in particular the European hydrocarbon embargo, the economic and trade interaction between large developing economies has increased significantly. India and China account for 70% of Russian oil exports. Russia has increased oil supplies to India by 22 times. Russia completely redirected supplies of petroleum products from the European market to India and China. In 2022, Russia supplied China with a third of its total oil exports. Approximately 29% of the Russian budget is formed through energy trade with India and China. In fact, this speaks of the highest degree of integration of large emerging economies. However, we assume that such integration has no economic basis and is of an administrative nature. This has consequences in terms of the instability of such relations because such integration can also be stopped by administrative means. It is impossible to talk about high-quality and inclusive economic growth based on such integration.
