Globalisation and free trade are not enemies
The future of globalisation and multilateralism will, to a large extent, depend on G-20 countries delivering on their commitment to inclusive global growth
We are living in times of elevated uncertainty, which could intensify in the period ahead, given the heightened risks to global growth brought about by the current geopolitical environment. We have been witnessing a rise in populism against multilateralism and globalisation. As both the Brexit vote in the UK and the presidential election in the US made clear, there are increasing concerns with regard to the burden resulting from globalisation and therefore higher support for tighter controls on trade and migration. Some of these fears are founded on the assumption that slow economic growth, increasing unemployment and higher inequality are the consequence of free trade, growing cross-border movement of labour and off-shoring of business operations. The pushback against globalisation and free trade, and the embracing of nationalistic tendencies in an interconnected global world, should be of concern to all of us. In advanced economies, nothing symbolises the problem more clearly than...
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