Protectionism slows global economic recovery
Protectionist activities, including subsidies, are likely to hinder global economic recovery, according to the World Trade Organisation (WTO).
A joint report with the Organisation for Economic Cooperation and Development (OECD) and the UN trade and development agency (UNCTAD), the WTO states that many economies had installed “trade defence mechanisms”.
“Some of them contain elements that favour domestic goods and services at the expense of imports,” according to the report.
It then called on political leaders to “to take the appropriate policy actions so that trade and international investment can help economies recover from the global crisis on a sustained basis” and urged governments to “start planning a coordinated exit strategy that will eliminate these elements as soon as possible”.
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