Making Trade an Engine of Growth for All – The Case for Trade and for Policies to Facilitate Adjustment, Prepared by the World Bank, WTO and IMF
The role of trade in the global economy is at a critical juncture. Increased trade integration helped to drive economic growth in advanced and developing economies in the latter part of the 20th century. Since the early 2000’s, however, a slowdown in the pace of trade reform, a post-crisis uptick in protectionism, and risk of further reversals have been a drag on trade, productivity, and income growth. At the same time, trade is leaving too many individuals and communities behind, notably also in advanced economies
At their meeting at Hangzhou in September 2016, G20 leaders called for domestic policies to share the gains from trade more widely. They also called for action to better communicate the benefits of open trade to a public that may have become more skeptical, especially in advanced economies. This paper aims to guide the response to these calls.