Geoeconomics, Fragmentation, and Divergence: What 2025 Taught Us About the State of the Global Economy Khalil Gebara Introduction: The World in 2025 By the end of 2025, it had become clear that the global economy was not simply recovering from a sequence of shocks; it was reorganizing itself around a different logic. The premises that underpinned the end-of-history moment (open trade, ever-deeper…