But even as Europe and the U.S. economies get back on track, the growth in global trade isn't likely to return to pre-recession levels. That's because many of the forces driving rapid globalization in the past two decades have faded.
"I think we're past the inflexion point with globalization," Johnson said. "It's not going to proceed at the same pace as in the early 1990s up until the recession in 2008."
That's because the cost savings from outsourcing and offshoring have diminished. Labor costs have been rising much more rapidly in emerging economies than in the developed world, where relatively high unemployment rates have kept a lid on wage gains. For U.S. companies, falling energy costs have further narrowed the cost benefits of moving factories offshore.
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That "re-shoring" of production, in turn, has dampened the once-rapid expansion of exports for developing economies such as China, where overall economic growth has slowed. With global trade slowing, emerging countries are seeing their overall growth rate slowing.
"There still will be vibrant growth in a number of emerging and developing markets, particularly as more households reach middle-income status and their consumption patterns change," Johnson said. "But I think the emerging markets have seen their run of exceptionally high growth rates."
—By CNBC's John Schoen