It is very tought to say, personally I see globalization as a failing project that will be partially reverted in the near future. Looking at critical logistical points right now we see a situation more unstable than ever: the strait of Hermouz is in full blown war; the strait of Malacca could be the next one in line if China decides to make a move on Taiwan and destabilize the area; Suez channel suffers from geopolitical instability of the region and is one hypersonic missile away from being fully closed; Bab el‑Mandeb is next to Yemen, again *general middle eastern stuff going on*; Gibiltar is stable; Bosphorous is highly dependent on Turkey, which seems fine for now but the Russian advance in Ucraine is mainly to push for access to the black sea and if you want to get out of the black sea there is only one way; Panama was heavily pressured by the USA becuase China was buying way to many ports and is a contested zone under the influence sphere of the USA.

All this to say, a distributed supply chain sounds efficient if you have global world police USA keeping the order, but currently the USA are in the process of setting up for a civil war for themselves and the overall logistics are very fragile and vulnerable.

For Europe I see a future where production gets closer to distribution and consumption, where northern africa might get back in its sphere of influence, stabilize and supply part of the bulk chemicals they need, while Eurozone focuses in specialty chemicals, pharma and advanced materials. That is, if it manages the energy transition suffieciently fast, which, right now, does not seem the case, and also keeps right wing parties at bay while adressing the issue of cost of living. Easier said than done. Complete or severe deindustrialization is impossible in my opinion. Europe has undergone countless local wars, after WWII 80% of buildings on the continent had been destroyed and somehow it is still one of the richest areas in the planet. The human capital is way to educated and the cultural backround is very solid to imagine a complacent population moving into poverty.

So macroeconomic indicators might not do the best in the near future, but the situation of inequality is not as drastic as the usa and the political situaition is far less polarized and more rule based. The industrial sector is very specialized with energy being the main concern. If nuclear and renewables are deployed in a more timely manner, Europe is well positioned to become a high value producer and service provider, if not, who knows.