Abstract. The article focuses on the analysis of factors that slow down the growth of international trade at the current stage of globalization. The latter is experiencing a crisis, but objective data do not indicate the end of globalization, but rather its slowdown following rapid growth. In its development, globalization overcomes many obstacles and faces various risks. At present, the threat of fragmentation of the world economy has become especially relevant. The factors causing the slowdown in the growth of globalization and world trade, for the most part, do not threaten the integrity of the world economy. The spread of regional trade agreements also does not negate the long-term efforts of the WTO aimed at trade liberalization, and in itself does not lead to the division of the world economy into separate blocks. Currently, the probability of the risk of fragmentation of the global economy is associated primarily with the geopolitical crisis. It is generally recognized that political confrontation, accompanied by restrictive measures regarding trade, brings economic losses to its participants. It can be assumed that ultimately objective economic laws will prevail and the scenario of the collapse of the global economy will not be realized. However, the high degree of uncertainty inherent in the political sphere does not allow us to confidently judge the prospects for an exacerbation or, on the contrary, mitigation of the crisis situation, and therefore the depth and duration of the impact of the political factor on economic policy and trade. After a pause, during which integration processes will unfold primarily at the level of world regions, globalization will resume its growth. Its pace will depend on a number of factors: normalization of the international political situation, overcoming trade contradictions, strengthening the system of global governance, dissemination of the principles of sustainable and responsible development, and many others. Development will acquire a more measured character, and the openness of economies and their interdependence will increase. In the long term, the main trends in the development of world trade that are currently observed will continue: a decrease in the share of goods and an increase in the share of services, an increase in the role of developing countries in trade in goods and developed countries in trade in services. The growth rates of world trade and GDP will remain at a relatively low level, while trade will grow somewhat faster than production. In the future, factors related to digitalization, robotics, artificial intelligence, additive technologies and climate change will become more noticeable. They will lead to shifts in the product structure of trade and the directions of the main commodity flows, but will not stop globalization, but will give it new features and directions of development.