Role of trade as growth
driver is threatened: IMF, WTO, World Bank
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[April 10, 2017]
BERLIN (Reuters) - The role
of trade as a driver of global growth is threatened by a
slowdown in trade reform since the early 2000s and an
uptick in protectionism after the financial crisis, the
International Monetary Fund, World Trade Organization
and World Bank said on Monday. |
International Monetary Fund (IMF) Managing Director
Christine Lagarde holds a speech to present the report
"Making Trade an Engine of Growth for All: The Case for
Trade and For Policies to Facilitate Adjustment" in
Berlin, Germany, April 10, 2017. REUTERS/Hannibal
Hanschke |
Unveiling a joint report in Berlin entitled 'Making Trade an
Engine of Growth for All,' the three organizations urged
governments to address the negative effects that global trade
has had on manufacturing jobs, workers and communities,
especially in advanced economies.
"Recent evidence on the effect of import competition on
manufacturing jobs in certain locations in Europe and the United
States demonstrates how harsh such impacts can be in the absence
of accompanying policies," the IMF, WTO and World Bank said.
"The role of trade in the global economy is at a critical
juncture."
The report said a lack of reform to make trade more beneficial
to broader sections of societies has been a drag on productivity
and income growth.
(Reporting by Gernot Heller; Writing by Joseph Nasr, editing by
Emma Thomasson)
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