The paper focuses on the current processes in the world economy, which show many differences from the developments before 2008 or 2020 and which may indicate the beginning of fundamental changes in international economic relations. The author analyses the significance of watershed global economic events such as the global financial crisis of 2008–2009, the COVID-19 pandemic of 2020–2023, and the Russo-Ukrainian war from 2022 onwards for the scope and nature of international economic cooperation. The author examines the effects of these events on various global economic indicators and on the functioning of global value chains and global production networks. In this context, the paper discusses possible variants of the future development of the world economy,ranging from a partial correction of the previous hyper-globalization, through a slowdown or halt of globalization, to a transition to the opposite phase of development – deglobalization. It concludes by comparing the likelihood of these different future scenarios.